Commentary & Deal Flow

Tranche 1 (2.5yr): Final Books above €3.65bn (incl. €525m JLM interest)

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
• Benchmark: OBL 2.1% 12-Apr-29 / HR 102%
• Hedge Deadline: 13.00 CET / 12.00 LDN