Commentary & Deal Flow

Tranche 1 (10yr): Peak book in excess of €2.5bn (incl. €155m JLM)

Launched: 10yr: €1.25bn @ MS+26bp - Books closed in excess of €2.5bn (incl. €155m JLM)
Spread set at: 10yr: MS+26bp - Books in excess of €2.35bn (incl. €140m JLM)
Book Update: Books above €1.7bn (incl. €75m JLM interest)
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: €1.25bn
• Coupon: Fixed, annual, ACT/ACT ICMA
• Maturity: 13-Oct-36 (10yr)
• Settlement: 13-Oct-26 (T+5)
• Spread Set: MS+26bp
• 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
• Books close: 10:00 UKT / 11:00 CET
• Timing: Today's business
• Target Market: Professional clients, eligible counterparties and retail clients, all distribution channels each as defined in MiFID II
• Allocations: Allocations available in the system
• HR: 102% vs DBR 3 15-Aug-36
• Hedge deadline: 11:50 UKT / 12:50 CET
• Pricing: Pricing to follow
• B&D: DZ Bank