Commentary & Deal Flow

8yr: Final books in excess of €1.25bn (incl. €125m JLM interest).

Launched: 8yr: €1bn @ MS+19bp - Books closed in excess of €1.25bn (incl. €125m JLM interest)
Spread set at: 8yr: MS+19bp - Books in excess of €960m (incl. €150m JLM interest)
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: €1bn
• Maturity: 09-Oct-34
• Settlement: 09-Oct-26 (T+6)
• Coupon: Fixed, Annual, Act/Act ICMA
• Spread Set: MS+19bp
• Law/Listing/Denoms: German/Hamburg/€1k+€1k
• Bookrunners: CACIB, Deutsche Bank, DZ BANK (B&D/DM), 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 closed
• Timing: Today's business
• HR: 104% vs. DBR 2.6% 15-Aug-34
• Hedge Deadline: 11:50 LDN / 12:50 CET