Commentary & Deal Flow

Book update: Books above €710m (incl. €300m JLM)
Guidance: 7yr: 6mE+14a

• Issuer: Free Hanseatic City of Bremen
• Ticker: BREMEN
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: AAA (Fitch)
• Settlement: 22-Sep-26 (T+5)
• Maturity: 22-Sep-33
• Coupon: 6mE +10 bps, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 22-Mar & 22-Sep each year, subject to adjustment in accordance with the Business Day. First coupon on 22-Mar-27
• Size: EUR 500mn (n/g)
• Denoms/List/Law: EUR 1k+1k / Hamburg / German Law
• ISIN/WKN: DE000A5ENMU5/ A5ENMU
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• JLMs: BayernLB, DekaBank (B&D), DZ Bank, J.P. Morgan and LBBW
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Schedule: Book's open, today's business