Commentary & Deal Flow

Reoffer: 2.5yr: MS flat / 99.861 / 3.440%

Benchmark: 2.5yr: OBL 2.1% 12-Apr-29 @ 97.59 / B+31.5bp / HR 102%

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: 3.375% Fixed, annual, Act/Act ICMA, following unadjusted, short first
• Reoffer: MS flat / 99.861 / 3.440%
• Spread vs Benchmark: OBL 2.1% 12-Apr-29 +31.5bp (cash 97.59 / HR 102%)
• Law/List/Denoms: German / Frankfurt / 1k+1k
• Joint Leads: BayernLB, Citi (B&D), Danske Bank, Helaba, J.P. Morgan & NORD/LB
• ISIN/WKN: DE000A1RQFJ6 / A1RQFJ
• Fees: The banks will be paid a fee in relation to this 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).
• Timing: Priced, TOE 13.50 CET / FTT 14.10 CET