Commentary & Deal Flow

The German Federal State of Lower Saxony (Land Niedersachsen, "NIESA"), rated AAA by Fitch, has mandated BayernLB, DekaBank, DZ BANK and NORD/LB to lead manage its upcoming 10yr €500m (no-grow) floating rate Landesschatzanweisung (LSA).

The transaction will be launched in the near future, subject to market conditions.

• Issuer: Federal State of Lower Saxony (Land Niedersachsen)
• Rating: AAA (Fitch)
• Format: Floating Rate Landesschatzanweisung (LSA)
• Size: €500m (no-grow)
• Tenor: 10yr
• Bookrunners: BayernLB, DekaBank, DZ BANK, NORD/LB
• Target Market: Eligible counterparties, professionals and retail (all channels for distribution), each as defined in MiFID II