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Commentary & Deal Flow

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by Oleksandr Vynychuk

Oct 21, 2026 4:35 AM ET

UPDATE: Land Berlin € bmk 5yr Sr Unsec; Spread set at MS+14bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
Land Berlin	5yr	28-Oct-31	bmk	Sr Unsec	Fixed	DE000A5H3DL7	MS+14a	MS+14

Spread set at: 5yr: MS+14bp - Books above €1.05bn (incl. €225m JLM)
Guidance: 5yr: MS+14a

Issuer: Land Berlin
BBG Ticker: BERGER
Format: Landesschatzanweisung (0% rw, senior unsecured)
Type: Reg S, Bearer
Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
Size: € Benchmark
Coupon: Fixed, Annual, ACT/ACT ICMA
Maturity: 28-Oct-31 (5yr)
Settlement: 28-Oct-26 (T+5)
Spread Set: MS+14bp
Law/Denom: German / 1k
Listing: Tradegate Berlin Stock Exchange (regulated market)
ISIN/WKN: DE000A5H3DL7 / A5H3DL
Bookrunners: BNP Paribas, Citi, Danske Bank, DekaBank, Helaba (B&D), HSBC
Fees: The banks will be paid a fee in relation to this transaction
Timing: Today's business
Books Subject: 11:15 CET / 10:15 UKT
Target Market (MiFID II): Retail, Professional and Eligible Counterparties (all distribution channels)