Commentary & Deal Flow

Launched: 8yr: €1bn @ MS+22bp - Books above 1.14bn (incl. 125mn JLM) pre rec
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: €1bn
• 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 are closed