Commentary & Deal Flow

The State of Saxony-Anhalt (ticker: "SACHAN"), rated Aa1/AAA/AAA (Moody's/Fitch/Scope), has mandated DZ BANK and NatWest as Joint Sustainability Coordinators, and BayernLB, Crédit Agricole CIB, DZ BANK, ING and NatWest as Joint Lead Managers for its upcoming inaugural €500 million (no-grow) Green Bond Benchmark (in accordance with the ICMA Green Bond Principles). The bond will have a medium term maturity. An announcement with details regarding Investor 1on1s will follow this mandate in due course.

An expected €500m (no-grow), Green Bond, medium term EUR offering will follow, subject to market conditions.

• Issuer: The State of Saxony-Anhalt
• Ticker: SACHAN
• Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Format: Green Bond (in accordance with the ICMA Green Bond Principles)
• Size: €500 million (no-grow)
• Maturity: Medium term
• Joint Sustainability Coordinators: DZ BANK, NatWest
• Joint Lead Managers: BayernLB, Crédit Agricole CIB, DZ BANK, ING, NatWest
• Target Market: Retail, professional and eligible counterparties, each as defined in MiFID II and UK MiFIR product governance (all channels for distribution of the Bonds are appropriate)
• Investor Relations Documents: Information about the Sustainable Refinancing of Saxony-Anhalt – https://mf.sachsen-anhalt.de/finanzen/page/nachhaltigkeit-in-der-kreditaufnahme-1