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Commentary & Deal Flow

by Oleksandr Vynychuk

Oct 08, 2026 4:54 AM ET

UPDATE: Federal State of Lower Saxony € bmk 8yr Sr Unsec; Spread set at MS+22bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Federal State of Lower Saxony	8yr	13-Oct-34	bmk	Sr Unsec	Fixed	DE000A5GS7U5	MS+22a	MS+22

Spread set at: 8yr: MS+22bp - Books above €800mn (incl. €125mn JLM)
Book Update: Books above €750mn (incl. 100mn JLM)
Guidance: 8yr: MS+22a

Issuer: Federal State of Lower Saxony
LEI: 391200ITQQZ7JMHXK080
Issuer Rating: AAA (Fitch)
Ticker: NIESA
Format: Landesschatzanweisung (0% rw, senior unsecured)
Issue Size: € Benchmark
Maturity: 13-Oct-34 (8y)
Settlement: 15-Oct-26 (T+5)
Coupon: Fixed, Annual, Act/Act ICMA, 1st short 13-Oct-27
Spread Set: MS+22bp
Law/List/Denoms: German / Hannover / €1k+€1k
ISIN: DE000A5GS7U5
Bookrunners: Helaba, J.P. Morgan, LBBW (B&D), NORD/LB and UniCredit
Fees: The banks will be paid a fee in relation to this transaction
Target Market: The manufacturer target market (MIFID II product governance) for the bonds is retail, professional and eligible counterparties, each as defined in MiFID II (all channels for distribution of the bonds are appropriate).
Timing: Books to close at 11:20 CET