Commentary & Deal Flow

Tranche 1 (4yr): Final Books above €1.325bn (incl. €100m JLM). Peak book above €1.325bn (incl. €100m JLM)

Launched: 4yr: €750m @ MS+5bp - Orderbook above €1.3bn (incl. €100m JLM)
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
• Size: €750m
• Coupon: Fixed, annual, Act/Act ICMA, unadjusted following
• Settlement: 30-Sep-26 (T+4)
• Maturity: 30-Sep-30 (4yr)
• Launched: MS+5bp
• Benchmark: OBL 2.2 10-Oct-30 / HR 101%
• Hedge Deadline: 13.10 CET / 12.10 UKT
• 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