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by Oleksandr Vynychuk

Sep 01, 2026 4:16 AM ET

UPDATE (BOOKS): Federal State of Hesse € bmk 5yr Sr Unsec; MS+10a Orderbooks in excess of €2.9bn (incl. €400m JLM interest)

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance
Federal State of Hesse	5yr	10-Sep-31	bmk	Sr Unsec	Fixed	DE000A1RQFH0	MS+10a

Book Update: Orderbooks in excess of €2.9bn (incl. €400m JLM interest)
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