Commentary & Deal Flow

Guidance: 10yr: MS+28a

• Issuer: State of North Rhine-Westphalia
• Ticker: NRW
• Format: Senior unsecured, Reg S Bearer, 0% RW, HQLA/Level 1
• Issuer Rating: Aa1 / AA / AAA / AAA (Moody's / S&P / Fitch / Scope)
• Size: € Benchmark
• Coupon: Fixed, annual, ACT/ACT ICMA
• Maturity: 13-Oct-36 (10yr)
• Settlement: 13-Oct-26 (T+5)
• Guidance: MS+28 bps area (indic. DBR Aug-36 + 38.0 bps)
• List/Law/Denoms: Düsseldorf / German / € 1k+1k
• ISIN/WKN: DE000NRW0Q07 / NRW0Q0
• JLM: BayernLB / DZ Bank / HSBC / LBBW / Rabobank
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Timing: Today's business
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II