Commentary & Deal Flow

6yr: Final Books above €540m (incl. €200m JLM interest)

Launched: 6yr: €500m @ MS+12bp
Guidance: 6yr: MS+12a

• Issuer: Federal State of Mecklenburg-Vorpommern
• BBG Ticker: MECVOR Govt <GO>
• Format: Landesschatzanweisung (0% rw, senior unsecured) / Reg S, Bearer
• Issuer Rating: AAA (Fitch)
• Size: €500m
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Settlement: 23-Sep-26 (T+5)
• Maturity: 23-Sep-32 (6y)
• Law/List/Denom: German / Frankfurt / 1k+1k
• ISIN/WKN: DE000A5GS6X1 / A5GS6X
• Bookrunners: J.P. Morgan, LBBW, Nordea, NORD/LB & UniCredit (B&D)
• Fees: The banks will be paid a fee in relation to this transaction
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Timing: Today's business
• Books Closing: 11.00h CET / 10.00 LDN
• HR: 106% vs DBR 1.7% Aug-32
• Hedge Deadline: 12.00h CET / 11.00 LDN