Commentary & Deal Flow

Reoffer: Short 5yr: SONIA MS+40bp / 99.607 / 5.099% Ann Yield / 5.036% S/A Yield
Benchmark: Short 5yr: UKT 0 ¼ 31-Jul-31 +21.5bp (80.555 / 4.821%) HR 113%

Short 5yr: Final Books above £320m. Peak book above £320m (excl. JLM interest)

Launched: Short 5yr: £300m @ SONIA MS+40bp - Books closed above £320m (excl. JLM interest)
Book update: Books above £260m (excl. JLM interest)
Spread set at: Short 5yr: SONIA MS+40bp

• Issuer: Landeskreditbank Baden Wuerttemberg - Foerderbank (L-Bank)
• Guarantor: Explicitly and unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg
• Rating: Aaa/AA+/AAA (Moody's/S&P/Fitch, Outlook stable)
• ESG Rating: AAA / Low Risk / Prime (MSCI / Sustainalytics / ISS ESG)
• Format: Reg S, Bearer, Senior unsecured
• Size: £300m
• Maturity: 31-Jul-31
• Settlement: 12-Oct-26 (T+5)
• Coupon: 5% Fixed, Annual, Act/Act, short first coupon
• Reoffer: SONIA MS+40bp / 99.607 / 5.099% Ann Yield / 5.036% S/A Yield
• Benchmark: UKT 0 ¼ 31-Jul-31 +21.5bp (80.555 / 4.821%) HR 113%
• Denoms: £1k + £1k
• Listing: Luxembourg
• Law: German
• Docs: Issuer's Debt Issuance Programme
• Bookrunners: Barc / BMO / DB (B&D/DM) / TD
• ISIN: XS3534736973
• Target Market: For MIFID II/UK MiFIR purposes target markets are eligible counterparties and professional clients (all distribution channels)
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus is available at: https://www.bourse.lu/issuer/LKrBkBadenWurtt/43647
• Priced: TOE 13:24 UKT - FTT immediately