Commentary & Deal Flow

Book Update: 10yr: Books above €2bn (incl. €400m JLM)
Guidance: 10yr: MS+25a

• Issuer: Land Berlin
• BBG Ticker: BERGER
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Size: € Benchmark
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Maturity: 01-Sep-36 (10yr)
• Settlement: 01-Sep-26 (T+5)
• Guidance: MS+25a
• Law/Denom: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• ISIN: DE000A5H3DJ1
• WKN: A5H3DJ
• Bookrunners: BNPP, BofA, DB, DZ (B&D), LBBW, RBI
• Fees: The banks will be paid a fee in relation to this transaction
• Timing: Books open, today's business
• Target Market (MiFID II): Retail, Professional and Eligible Counterparties (all distribution channels)