Commentary & Deal Flow

Reoffer: 7yr: MS+16bp / 99.416 / 3.345%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 96.920 / B+24.8bp / HR 101%

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: 3.25%, Fixed, Annual, ACT/ACT ICMA
• Maturity: 26-Aug-33 (7yr)
• Reoffer: MS+16bp / 99.416 / 3.345%
• Benchmark: DBR 2.6 15-Aug-33 + 24.8bp (96.920) / HR 101%
• Settlement: 26-Aug-26 (T+5)
• 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: Priced. TOE 12:37 UKT / 13:37 CET. FTT immediately.
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II