Commentary & Deal Flow

Reoffer: 8yr: MS+19bp / 99.654 / 3.801%
Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 94.14 / B+33.7bp / HR 104%

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 (8y)
• Settlement: 09-Oct-26 (T+6)
• Coupon: 3.750% Fixed, Annual, Act/Act ICMA
• Reoffer: 99.654 / MS+19bp / 3.801%
• Benchmark: DBR 2.6% 15-Aug-34 @ 94.14 / B+33.7bp / HR 104%
• Law/Listing/Denoms: German/Hamburg/€1k+€1k
• Bookrunners: CACIB, Deutsche Bank, DZ BANK (B&D), 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
• Timing: TOE: 12:02 UKT / 13:02 CET | FTT: 12:20 UKT / 13:20 CET