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Commentary & Deal Flow

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by Oleksandr Vynychuk

Aug 25, 2026 4:33 AM ET

UPDATE: Land Berlin € bmk 10yr Sr Unsec; Spread set at MS+24bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
Land Berlin	10yr	01-Sep-36	bmk	Sr Unsec	Fixed	MS+25a	MS+24

Spread set at: 10yr: MS+24bp - Books above €2.35bn (incl. €450m JLM)
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)
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 to close at 11:00 CET / 10:00 Ldn time
Target Market (MiFID II): Retail, Professional and Eligible Counterparties (all distribution channels)