Commentary & Deal Flow

The Free State of Saxony, rated AAA (stable) by S&P, has mandated Citi, Commerzbank, Erste Group, Helaba and UniCredit to lead manage its upcoming new €500m (no-grow) LSA transaction with a 7-year maturity. The deal will be launched in the near future, subject to market conditions.

• Issuer: Free State of Saxony
• Rating: AAA (stable) (S&P)
• Lead Managers: Citi, Commerzbank, Erste Group, Helaba and UniCredit
• Size: €500m (no-grow)
• Tenor: 7yr
• Security Type: LSA
• Target Market: Retail, eligible counterparties and professionals (all distribution channels) (MiFID II product governance, as assessed by the lead managers)