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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 16, 2026 6:36 AM ET

PRICED: Federal State of Mecklenburg-Vorpommern €500m 6yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	ISIN	Price	Yield	Guidance	Spread	GDNC-PXD
Federal State of Mecklenburg-Vorpommern	6yr	3.625%	23-Sep-32	€500m	Sr Unsec	Fixed	DE000A5GS6X1	99.878	3.648%	MS+12a	MS+12	0

Reoffer: 6yr: MS+12bp / 99.878 / 3.648%
Benchmark: 6yr: DBR 1.7% Aug-32 @ 91.24 / B+28.9bp / HR 106%

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)
Type: Reg S, Bearer
Issuer Rating: AAA (Fitch)
Size: €500m
Coupon: 3.625% annual, ACT/ACT ICMA
Settlement: 23-Sep-26 (T+5)
Maturity: 23-Sep-32 (6y)
Reoffe: MS +12 bps / 99.878 / 3.648
Spread vs: DBR 1.7% Aug-32+28.9 bp (cash 91.24 / HR 106%)
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: Priced, toe 12.16pm CET / ftt 12.30pm CET