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by Oleksandr Vynychuk

Oct 07, 2026 4:22 AM ET

LAUNCHED: The Free State of Saxony €500m 7yr Sr Unsec; MS+17bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
The Free State of Saxony	7yr	14-Oct-33	€500m	Sr Unsec	Fixed	DE0001789436	MS+17a	MS+17

Launched: 7yr: €500m @ MS+17bp - Books in excess of €435m (incl. €75m JLM)
Spread set at: 7yr: MS+17bp
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
Maturity: 14-Oct-33
Settlement: 14-Oct-26 (T+5)
Coupon: fixed annual, ACT/ACT ICMA
Spread: MS+17bp
ISIN: DE0001789436
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 (B&D) and UniCredit
Fees: The Joint-Lead managers will be paid a fee in connection to the transaction
Schedule: Books open, today's business; Books to close 11.00 CET / 10.00 UKT