Commentary & Deal Flow

Guidance: 8yr: MS+20a

• Issuer: Federal State of Schleswig-Holstein
• Ticker: SCHHOL
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Exp. Rating: AAA (Fitch, stable)
• Issue Size: € Benchmark
• Maturity: 09-Oct-34
• Settlement: 09-Oct-26 (T+6)
• Coupon: Fixed, Annual, Act/Act ICMA
• Guidance: MS+20bps area
• Law/Listing/Denoms: German/Hamburg/€1k+€1k
• Bookrunners: CACIB, Deutsche Bank, DZ BANK, J.P. Morgan and NORD/LB
• Fees: The banks will be paid a fee in relation to this transaction
• Target Market: The manufacturer target market (MiFID II/UK MiFIR product governance) for the bonds is retail, professional and eligible counterparties (all channels for distribution of the bonds are appropriate).
• ISIN/WKN: DE000SHFM1K6 / SHFM1K
• Schedule: Books are open, today's business
• Timing: Today's business