Commentary & Deal Flow

Reoffer: 5yr: MS+9bp / 99.691 / 3.318%

Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 99.140 / B+23.6bp

5yr: 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)
• Reoffer: MS+9bp / 99.691% / 3.318%
• Benchmark Reference: OBL 2.9 10-Aug-31 +23.6bps (99.140% / 3.082% / HR 98%)
• Coupon: 3.25% 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: PRICED. TOE 14:50 CET, FTT immediately