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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 22, 2026 5:59 AM ET

PRICED: Federal State of Lower Saxony €500m 10yr Sr Unsec; 6mE+21bp

IGC European Market: Deal Flow - General

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	ISIN	Price	Guidance	Spread	GDNC-PXD
Federal State of Lower Saxony	10yr	6mE+20bp	29-Sep-36	€500m	Sr Unsec	Floating	DE000A5GS3X8	99.914	6mE+21a	6mE+21	0

Reoffer: 10yr: 6mE+21bp / 99.914

Launched: 10yr: €500m @ 6mE+21bp
Spread set at: 10yr: 6mE+21bp
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.
Reoffer/DM: 99.914%, 6mE+21 bps
Size: €500m
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
Timing: PRICED, TOE 11:54 CET, FTT 12.05 CET