Commentary & Deal Flow

Reoffer: 10yr: MS+24bp / 99.876 / 3.64%
Benchmark: 10yr: DBR 3.00% 15-Aug-36 (DE000BU2Z072) @ 96.93% / B+27.3bp / HR 101%

Tranche 1 (10yr): Final Books €1.89bn (incl. €125m JLM). Peak book over €1.89bn (incl. €125m JLM)

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
• Rating: Aaa Moody's (exp.)
• Size: €500m
• Coupon: 3.625%, annual act/act ICMA, unadjusted following
• Pay Date: 15-Sep-26 (T+5)
• Maturity: 15-Sep-36 (-10y-)
• Reoffer: MS+24bp / 99.876% / 3.640% yield
• Hedge Ref: DBR 3.00% 15-Aug-36 (DE000BU2Z072) @ 96.93% / B+27.3bp / HR 101%
• 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: Priced, TOE 14:35 CET, FTT 14:45 CET