Commentary & Deal Flow

The German Federal State of Berlin (Land Berlin), (ticker: "BERGER", country: Germany) rated Aa1/AAA/AAA (Moody's/Fitch/Scope), has mandated BNP Paribas, Citi, Danske Bank, DekaBank, Helaba and HSBC to lead manage its upcoming € Benchmark Landesschatzanweisung with a maturity of 5 years.

An expected € bmk, Landesschatzanweisung, Senior Unsecured 5yr € offering will follow, subject to market conditions.

• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)