Commentary & Deal Flow

Reoffer: 5yr: MS+14bp / 99.465 / 3.619%
Benchmark: 5yr: OBL 2.9 10-Aug-31 @ 98.485 / +38.8bp, HR: 100%

Tranche 1 (5yr): Final Books above €1.3bn (incl. €185m JLM). Peak book above €1.35bn (incl. €225m JLM)

Launched: 5yr: €1bn @ MS+14bp - Books closed above €1.35bn (incl. €225m JLM)
Spread set at: 5yr: MS+14bp - Books above €1.05bn (incl. €225m JLM)
Guidance: 5yr: MS+14a

• Issuer: Land Berlin
• BBG Ticker: BERGER Govt
• Issuer Rating: Aa1/AAA/AAA (Moody's/Fitch/Scope - all stable)
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Size: €1bn
• Maturity: 28-Oct-31 (5yr)
• Settlement: 28-Oct-26 (T+5)
• Reoffer: 3.619% / 99.465 / MS+14bp
• Coupon: fixed 3.5% p.a., act/act (ICMA), annually on 28 October, commencing on 28-Oct-27
• Reference Benchmark: OBL 2.9 10-Aug-31 @ 98.485 / +38.8bp, HR: 100%
• Law/ Denoms: German / 1k
• Listing: Tradegate Berlin Stock Exchange (regulated market)
• Bookrunners: BNP Paribas, Citi, Danske Bank, DekaBank, Helaba (B&D), HSBC
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction (MIFID II)
• Target Market: Manufacturer target market (MiFID II product govern.) is retail, eligible counterparties and professional clients (all distribution channels)
• ISIN/WKN/Series: DE000A5H3DL7 / A5H3DL
• Timing: ToE 13:10 CET, FTT 13:30 CET