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by Oleksandr Vynychuk

Oct 20, 2026 4:07 AM ET

LAUNCHED: Federal State of Hesse €500m 2.5yr Sr Unsec; MS flat

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Federal State of Hesse	2.5yr	27-Apr-29	€500m	Sr Unsec	Fixed	DE000A1RQFJ6	MS+2a	MS flat

Launched: 2.5yr: €500m @ MS flat - Books above €2.4bn (incl. €575m JLM interest)
Guidance: 2.5yr: MS+2a

Issuer: Federal State of Hesse
Ticker: HESSEN
Issuer Rating: AA+ (stable) S&P / AAA (stable) Scope
Status: Landesschatzanweisung (Senior, Unsecured, Unsubordinated, RW 0%)
Size: €500m
Maturity: 27-Apr-29
Settlement: 27-Oct-26 (T+5)
Coupon: Fixed, annual, Act/Act ICMA, following unadjusted, short first
Spread: MS flat
Law/List/Denoms: German / Frankfurt / 1k+1k
Joint Leads: BayernLB, Citi (B&D), Danske Bank, Helaba, J.P. Morgan & NORD/LB
Fees: The Joint Bookrunners will be paid a fee in connection to the 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).
ISIN/WKN: DE000A1RQFJ6 / A1RQFJ
Timing: Books are open. Today's business
Books Closing: 10.30h CET / 09.30 LDN