Commentary & Deal Flow

The Grand Duchy of Luxembourg, rated Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable), has mandated Barclays, BCEE, BGL BNP Paribas, Citi and Credit Agricole CIB as Joint Lead Managers to arrange a series of virtual fixed income investor calls in relation to its upcoming Inaugural € 10-year benchmark fixed rate Digitally Native Securities. The Digitally Native Securities will be issued on a distributed ledger technology (DLT) platform operated by LuxCSD S.A. (D7 DLT Platform). The transaction is expected to be launched and priced in the near future, subject to market conditions.

An expected € benchmark, Reg S Bearer, Digitally Native Securities 10yr € offering will follow, subject to market conditions.

• Issuer: Grand Duchy of Luxembourg
• Rating: Aaa/AAA/AAA (Moody's/S&P/Fitch) (all stable)
• Joint Lead Managers: Barclays, BCEE, BGL BNP Paribas, Citi and Credit Agricole CIB
• Format: Reg S Bearer
• CAC: Collective Action Clauses applicable
• Stabilisation: FCA/ICMA
• DLT Platform: LuxCSD S.A. (D7 DLT Platform)
• Clearance and Settlement: Also eligible for clearance and settlement through Clearstream Banking and Euroclear Bank SA/NV
• ECB Eligibility: The transaction is expected to be ECB eligible
• Target Market: Eligible counterparties, professional and retail (all distribution channels), each as defined in MiFID II/UK MiFIR