No results found for "".

Commentary & Deal Flow

Related Parents

Land Hessen (aka State of Hessen)

Related Issuers

Land Hessen (aka State of Hessen)

by Anna Tkachenko

Sep 01, 2026 8:06 AM ET

ALLOCATIONS OUT: Federal State of Hesse €1.25bn 5yr Sr Unsec; MS+9bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Federal State of Hesse	5yr	10-Sep-31	€1.25bn	Sr Unsec	Fixed	DE000A1RQFH0	MS+10a	MS+9

Final Books €4.4bn (incl. €425m JLM). Peak books in excess of €4.4bn (incl. €425m JLM)

Launched: 5yr: €1.25bn @ MS+9bp - Orderbooks in excess of €3.2bn (incl. €425m JLM interest)
Spread set at: 5yr: MS+9bp
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: €1.25bn
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)
Benchmark: OBL 2.9 10-Aug-31 / HR 98%
Hedge Deadline: 14:35 CET / 13:35 LDN
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 to close at 11:30 (CET). Allocation and pricing to follow