Commentary & Deal Flow

Book update: Books over €1bn (incl. 150m JLM)

Guidance: 10yr: MS+26a

• Issuer: BayernLabo - Bayerische Landesbodenkreditanstalt
• Ticker: BYLABO
• Issuer LEI: 5299005GH66DVCCLC652
• Format: Reg S, Bearer
• Status: Senior unsecured, explicit guarantee of the Free State of Bavaria (Aaa Moody's/AAA S&P)
• Risk Weighting: 0% (under art.116 par.4 of the Capital Requirements Regulation)
• LCR status: HQLA Level 1 classification
• Expected Issue Rating: Aaa (Moody's)
• Size: €500m (no grow)
• Coupon: Fixed, annual act/act ICMA, unadjusted following
• Pay Date: 15-Sep-26 (T+5)
• Maturity: 15-Sep-36
• Leads: BayernLB(B&D), Helaba, NORD/LB, TD Securities, UniCredit
• Listing: Munich
• Denoms/Law: €1k + 1k, German
• ISIN/WKN: DE000A161R93 / A161R9
• MiFID II: The manufacturer target market (MIFID II/UK MiFIR product governance) is eligible counterparties, professional clients and retail clients (all distribution channels).
• Fees: The joint bookrunners will be paid a fee in respect of the placement of the securities.
• Timing: Books open, Today's business