Commentary & Deal Flow

Guidance: 10yr: 6mE+21a

• Issuer: Federal State of Lower Saxony (Land Niedersachsen)
• Ticker: NIESA Govt
• Format: Landesschatzanweisung (LCR 1, RW 0%) Unsecured / Reg S / Bearer
• Issuer Rating: AAA (Fitch)
• Settlement: 29-Sep-26 (T+5)
• Maturity: 29-Sep-36
• Coupon: 6mE +20 bps, semi annual, act/360 (mod. following, adjusted)
• Interest Pay Dates: Interest payments on 29-Mar & 29-Sep each year, subject to adjustment in accordance with the Business Day. First coupon on 29-Mar-27
• Guidance (DM): 6mE+21 bps area
• Size: €500m (no-grow)
• Denoms/List/Law: €1k+1k/Hannover/German Law
• ISIN/WKN/Series: DE000A5GS3X8/A5GS3X/596
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• JLMs: BayernLB(B&D), DekaBank, DZ Bank and Nord/LB
• 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