Commentary & Deal Flow

Reoffer: 10yr: MS+24bp / 99.043 / 3.49%
Benchmark: 10yr: DBR 3 15-Aug-36 @ 98.128 / B+26.9bp

Tranche 1 (10yr): Final books over €2.6bn. Peak book over €2.6bn (incl. €525m JLM)

Launched: 10yr: €1.25bn @ MS+24bp - Books closed above €2.6bn (incl. €525m JLM)
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 Govt
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Status: Senior, Unsecured, Unsubordinated, RW 0%
• Format: Landesschatzanweisung
• Type: Reg S, Bearer
• Size: €1.25bn
• Maturity: 01-Sep-36
• Settlement: 01-Sep-26 (T+5)
• Reoffer: 3.49% / 99.043 / MS+24bp
• Coupon: Fixed 3.375% p.a., Act/Act (ICMA), annually on 01-Sep, commencing on 01-Sep-27
• Reference Benchmark: DBR 3 15-Aug-36 @ 98.128 / B+26.9bp / HR 99%
• Law/Denoms: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• Bookrunners: BNPP, BofA, DB, DZ (B&D), LBBW, RBI
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product govern.) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN: DE000A5H3DJ1
• WKN: A5H3DJ
• Timing: ToE 13.35 CET, FTT 13:45 CET