Commentary & Deal Flow

Bayerische Landesbodenkreditanstalt, the development bank of the Free State of Bavaria, (ticker: "BYLABO") expected to be rated Aaa by Moody's, has mandated BayernLB, Helaba, NORD/LB, TD Securities and UniCredit to lead manage a 10yr €500m (no grow) senior unsecured, Reg S Bearer Social Bond transaction.

An expected €500m (no grow), Reg S, Social Sr Unsec 10yr € offering will follow in the near future, subject to market conditions.

• Risk Weighting: 0% risk weighted, LCR Level 1
• Guarantor: Explicit guarantee of the Free State of Bavaria (Aaa Moody's / AAA S&P)
• Target Market: Manufacturer target market (MiFID II/UK MiFIR product governance) for the bonds is eligible counterparties, professional clients and retail clients (all distribution channels)