Commentary & Deal Flow

Reoffer: 5yr: MS+13bp / 99.572 / 3.595%
Benchmark: 5yr: OBL 2.9% 10-Aug-31 @ 98.40 / B+34.6bp / HR 100%

5yr: Final books over €1.2bn (incl. €150m JLM interest)

Launched: 5yr: €500m @ MS+13bp - Books in excess of €535m (incl. €65m JLM interest)
Guidance: 5yr: MS+13a

• Issuer: State of Saxony-Anhalt (Sachsen-Anhalt)
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope)
• Status: Senior, Unsecured, Unsubordinated, Landesschatzanweisung
• Risk Weighting: 0%
• Size: €500m
• Maturity: 20-Oct-31 (5yr)
• Settlement: 20-Oct-26 (T+6)
• Coupon: 3.50% Fixed, annual, act/act ICMA
• Reoffer: MS+13bp / 99.572% / 3.595% p.a.
• Benchmark: OBL 2.9% 10-Aug-31 @ 98.40% / B+34.6bp / HR 100%
• Law/List/Denoms: German Law / Frankfurt / 1k
• Joint Leads: BayernLB, Crédit Agricole CIB, DZ Bank, ING and NatWest (B&D)
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all distribution channels)
• ISIN/WKN/Series: DE000A5GS7Z4 / A5GS7Z / 41
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Use of Proceeds: The net proceeds will be used by the Issuer for eligible green state expenditures which meet the requirements of the "Sustainable Bond Framework State of Saxony-Anhalt" and are in accordance with the Green Project Information Addendum (all available on the website of the Ministry of Finance).
• Timing: Priced TOE: 14:22 CET / 13:22 LDN, FTT immediately