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Commentary & Deal Flow

by Anastasiia Zaika

Oct 08, 2026 7:05 AM ET

PRICED: Federal State of Lower Saxony €1bn 8yr Sr Unsec; MS+22bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Federal State of Lower Saxony	8yr	3.75%	13-Oct-34	€1bn	Sr Unsec	Fixed	99.614	3.807%	MS+22a	MS+22	0

Reoffer: 8yr: MS+22bp / 99.614 / 3.807% Benchmark: 8yr: DBR 2.6% 15-Aug-34 @ 94.33 / B+37.1bp

8yr: Final books above 1.14bn (incl. 125mn JLM) good at reoffer. Peak book above 1.14bn (incl. 125mn JLM) pre rec

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: 3.75%, fixed, annual, Act/Act ICMA, short first
Reoffer: MS+22bp / 99.614 / 3.807%
Benchmark: DBR 2.6% 15-Aug-34 @ 94.33 / B+37.1bp
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: TOE 12.53 CET / FTT immediately