Commentary & Deal Flow

State of NRW (ticker: "NRW"), rated Aa1 (stable) / AA (stable) / AAA (stable) / AAA (stable) by Moody's, S&P, Fitch and Scope, has mandated BayernLB, DZ Bank, HSBC, LBBW and Rabobank to lead manage its upcoming new 10-year € benchmark fixed rate offering in Reg S bearer format.

An expected € benchmark, Reg S, Sr Unsec 10yr € offering will follow, subject to market conditions.

• Issuer: State of NRW
• Ticker: NRW
• Ratings: Aa1 (stable) / AA (stable) / AAA (stable) / AAA (stable) (Moody's/S&P/Fitch/Scope)
• Format: Reg S Bearer, fixed rate
• Size: € Benchmark
• Tenor: 10-year
• Joint Bookrunners (Lead Managers): BayernLB, DZ Bank, HSBC, LBBW and Rabobank
• Fees: The Joint Bookrunners will be paid a fee in connection with the transaction
• Target Market: The manufacturer target market (MiFID II product governance) as assessed by the lead managers is retail, eligible counterparties and professionals (all distribution channels)