Commentary & Deal Flow

Reoffer: 4yr: MS+5bp / 99.821 / 3.674%
Benchmark: 4yr: OBL 2.2% 10-Oct-30 @ 95.666 / B+30.7bp / HR 101%

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
• Issue Size: €750m
• Coupon: 3.625% Fixed, annual, act/act ICMA, unadjusted following
• Settlement: 30-Sep-26 (T+4)
• Maturity: 30-Sep-30 (4yr)
• Reoffer: MS+5bp / 99.821% / 3.674%
• Benchmark: 30.7 bps vs. OBL 2.2% 10-Oct-30 @ 95.666%; HR 101%
• 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
• Timing: Priced. TOE: 13.25 CET / 12.25 UK, FTT: 13.40 CET / 12.40 UK