Commentary & Deal Flow

Guidance: 5yr: MS+10a

• Issuer: Federal State of Hesse
• Ticker: HESSEN
• Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
• Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
• Size: € Benchmark
• Maturity: 10-Sep-31
• Settlement: 10-Sep-26 (T+7)
• Coupon: Fixed, annual, ACT/ACT ICMA
• Law/List/Denoms: German / Frankfurt / 1k
• Joint Leads: DekaBank, Deutsche Bank, ING, J.P. Morgan, Nordea, TD Securities (B&D)
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II / UK MiFIR)
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A1RQFH0 / A1RQFH / 2608
• Timing: Books are open. Today's business