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Commentary & Deal Flow

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by Oleksandr Vynychuk

Oct 07, 2026 2:51 AM ET

NEW ISSUE: The Free State of Saxony €500m (no-grow) 7yr Sr Unsec; MS+17a

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance
The Free State of Saxony	7yr	14-Oct-33	€500m (no-grow)	Sr Unsec	Fixed	MS+17a

Guidance: 7yr: MS+17a

Issuer: The Free State of Saxony
Ticker: SAXONY
Format: Landesschatzanweisung (0% RW, senior unsecured)
Issuer Rating: AAA (S&P) outlook stable
Issue Size: €500m (no-grow)
Maturity: 14-Oct-33
Settlement: 14-Oct-26 (T+5)
Coupon: fixed annual, ACT/ACT ICMA
Guidance: MS+17 bps area / Guidance currently equiv. to DBR Aug-33 + ~35bps
Law/List/Denoms: German/Frankfurt/€ 1k+1k
Target market: The target market for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
Joint-Leads: Citi, Commerzbank, Erste Group, Helaba and UniCredit
Fees: The Joint-Lead managers will be paid a fee in connection to the transaction
Schedule: Books open, today's business