Commentary & Deal Flow

Tranche 1 (7yr): Final books above €395m (incl. €75m JLM). Peak book in excess of €435m (incl. €75m JLM)

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
• Benchmark: DBR 2.6% 15-Aug-33 / HR 103%
• Hedge Deadline: 11:40 CET