Commentary & Deal Flow

LfA Foerderbank Bayern, guaranteed by the Free State of Bavaria, (ticker: "BAYLAN") rated Aaa/AAA by Moody's/Scope, has mandated Commerzbank, DekaBank, DZ BANK and Helaba to arrange a series of fixed income investor calls upon request.

An expected €500m (no-grow) 7yr Senior Unsecured offering will follow, subject to market conditions.

• Target Market: Professional and eligible counterparties only, each as defined in MiFID II (all channels for distribution of the Bonds are appropriate)