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Commentary & Deal Flow

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by Oleksandr Vynychuk

Sep 08, 2026 4:47 AM ET

LAUNCHED: BayernLabo €500m 10yr Social Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
BayernLabo	10yr	15-Sep-36	€500m	Sr Unsec	Fixed	DE000A161R93	MS+26a	MS+24

Launched: 10yr: €500m @ MS+24bp - Books over €1.5bn (incl. €150m JLM)
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
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 to close 11:10 CET