Commentary & Deal Flow

Federal State of Lower Saxony, (ticker: "NIESA Govt"), rated AAA by Fitch, has mandated Helaba, J.P. Morgan, LBBW, NORD/LB and UniCredit to lead manage its upcoming EUR Benchmark Landesschatzanweisung with a maturity of 8 years (13-Oct-34).

An expected € Benchmark 8yr Senior Unsecured offering will follow in the near future, subject to market conditions.

• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction.
• Target Market Manufacturer (MiFID II product governance): retail, eligible counterparties and professional clients (all distribution channels)