Commentary & Deal Flow

The Grand Duchy of Luxembourg, rated Aaa/AAA/AAA (Moody's/S&P/Fitch), has mandated Barclays, BCEE, BGL BNP Paribas, Citi and Credit Agricole CIB to arrange a series of virtual fixed income investor calls.

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
• Roadshow Update: Virtual Roadshow will be concluded by COB today; Deal timing expected as early as tomorrow, subject to market conditions; Please continue to revert with feedback / IOIs to syndicates