Commentary & Deal Flow

Reoffer: 7yr: MS+17bp / 99.521 / 3.704%
Benchmark: 7yr: DBR 2.6 15-Aug-33 @ 95.47 / B+35.4bp / HR 103%

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: 3.625%, fixed, annual, ACT/ACT ICMA
• Reoffer: MS+17bp / 3.704% / 99.521%
• Benchmark: DBR 2.6 15-Aug-33 (@ 95.47%) +35.4bp / HR: 103%
• ISIN/WKN/ Serie: DE0001789436/ 178943/ 144
• 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
• Timing: Priced TOE: 11:58 CET, FTT immediately