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by Oleksandr Vynychuk

Oct 22, 2026 7:42 AM ET

ALLOCATIONS OUT: NRW.BANK £250m 5yr Sr Unsec; SONIA MS+40bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
NRW.BANK	5yr	31-Jul-31	£250m	Sr Unsec	Fixed	XS3553893671	SONIA MS+40a	SONIA MS+40

Tranche 1 (5yr): Final Books in excess of £270m (excl JLM)

Launched: 5yr: £250m @ SONIA MS+40bp - Books in excess of £230m (excl JLM)
Spread set at: 5yr: SONIA MS+40bp
Guidance: 5yr: SONIA MS+40a

Issuer: NRW.BANK (NRWBK)
LEI: 52990002O5KK6XOGJ020
Guarantor: Federal State of North Rhine-Westphalia (NRW)
Rating: Aa1/AA/AAA/AAA (all stable)
Status: Senior unsecured, 0% RW, HQLA/Level 1
Format: Reg S, Bearer
Size: £250m
Maturity: 31-Jul-31
Settlement: 29-Oct-26 (T+5)
Coupon: Fixed, Annual, Act/Act, short first
Spread Set: SONIA MS+40bp
Denoms: £200k + £200k
Listing: Luxembourg
Law: German
Docs: Issuer's Debt Issuance Programme
Bookrunners: DB / Nomura (B&D/DM) / Santander
ISIN: XS3553893671
Target Market: The EU MiFID manufacturer target markets are eligible counterparties and professional clients (all distribution channels)
Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The prospectus is available at https://www.bourse.lu/programme/Programme-NRWBank/12999
Schedule: Books open, Today's business. Books to close 11:30 UKT
HR: 113% vs UKT 0 ¼ 31-Jul-31
Hedge deadline: 13:00 UKT