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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 24, 2026 4:46 AM ET

UPDATE: The Federal State of Brandenburg € bmk 4yr Sr Unsec; Spread set at MS+5bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
The Federal State of Brandenburg	4yr	30-Sep-30	bmk	Sr Unsec	Fixed	DE000A351UV1	MS+6a	MS+5

Spread set at: 4yr: MS+5bp - Orderbook above €825m (incl. €150m JLM)
Book Update: Books above €750m (incl. €150m JLM)
Guidance: 4yr: MS+6a

Issuer: The Federal State of Brandenburg (Ticker: BRABUR)
Rating: Aaa by Moody's
Format: Landesschatzanweisung, 0% RW, Senior unsecured
Issue Size: € Benchmark
Coupon: Fixed, annual, Act/Act ICMA, unadjusted following
Settlement: 30-Sep-26 (T+4)
Maturity: 30-Sep-30 (4yr)
Spread Set: MS+5bp
Joint Leads: DZ Bank, HSBC, J.P. Morgan (B&D), LBBW and Raiffeisen Bank International
Law/List/Denoms: German/Berlin/ €1k+1k
Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
Target Market: Professional, retail and eligible counterparties each as defined in MiFID II(all channels for distribution of the bonds are appropriate)
ISIN/WKN: DE000A351UV1 / A351UV
Schedule: Books will close 11.15h CET / 10.15h UK
Timing: Today's business