Commentary & Deal Flow

Guidance: 7yr: MS+18a

• Issuer: LfA Foerderbank Bayern (BAYLAN)
• Guarantor: Free State of Bavaria (AAA by S&P)
• Format: Senior Unsecured, 0% rw, ECB and PSPP eligible, LCR Level 1
• Expected Rating: Aaa by Moody's / AAA by Scope
• Size: €500m (n/g)
• Coupon: Fixed rate, annual, Act/Act ICMA
• Maturity: 07-Oct-33 (7y)
• Settlement: 07-Oct-26 (T+4)
• Listing/Law/Denoms: Munich / German Law / €1k+1k
• Docs: Stand alone
• ISIN/WKN/Series: DE000LFA2576 / LFA257 / 1257
• Joint Leads: Commerzbank (B&D), DekaBank, DZ Bank and Helaba
• Fees: The Joint Lead Managers will be paid a fee in connection with the transaction.
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the Bonds are appropriate).
• Timing: Today's business