No results found for "".

Commentary & Deal Flow

by Anastasiia Zaika

Aug 19, 2026 7:11 AM ET

ALLOCATIONS OUT: Federal State of North Rhine-Westphalia €1.5bn 7yr Sr Unsec; MS+16bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Federal State of North Rhine-Westphalia	7yr	26-Aug-33	€1.5bn	Sr Unsec	Fixed	MS+18a	MS+16

Final Books in excess of €6.5bn (incl. €150m JLM)

Launched: 7yr: €1.5bn @ MS+16bp - Books above €6.0bn (pre-rec, incl. €150m JLM)
Spread set at: 7yr: MS+16bp - Books above €4.4bn (incl. €150m JLM)
Guidance: 7yr: MS+18a

Issuer: Federal State of North Rhine-Westphalia
Ticker: NRW Govt
Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
Issuer Rating: Aa1/AA/AAA/AAA (Moody's/S&P/Fitch/Scope)
Size: €1.5bn
Coupon: Fixed, annual, ACT/ACT ICMA
Maturity: 26-Aug-33 (7yr)
Settlement: 26-Aug-26 (T+5)
Benchmark: DBR 2.6% 15-Aug-33, HR: 101%
Hedge Deadline: 13:20 CET
Listing/Law/Denominations: Düsseldorf / German / €1k+1k
ISIN: DE000NRW0QR6
WKN: NRW0QR
Joint Bookrunners: Commerzbank, Natixis, Nordea, Santander (B&D/DM), UniCredit
Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
Timing: Books open for today's business
Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II