Commentary & Deal Flow

Reoffer: 7yr: 6mE+14bp / 99.747

Tranche 1 (7yr): Final books above €870m (incl. €350m JLM). Peak book above €870m (incl. €350m JLM)

Launched: 7yr: €500m @ 6mE+14bp - Books above €760m (incl. €350m JLM)
Spread set at: 7yr: 6mE+14bp
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,
• Reoffer/DM: 99.747%, 6mE+14 bps
• Size: €500m
• Denoms/List/Law: €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
• Timing: PRICED, TOE 13:12 CET, FTT 13.20 CET