Commentary & Deal Flow

Reoffer: 5yr: SONIA MS+40bp / 99.809 / 5.177% ann. / 5.112% s/a
Benchmark: 5yr: UKT 0.250% 31-Jul-31 @ 80.525 (Mid) / 80.505 (Bid) - G+23.9bp (HR 113%)

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: 5.125% Fixed, Annual, Act/Act, short first
• Spread: SONIA MS (A, A/365) +40bps
• BMK: +23.9bps vs UKT 0.250% Jul-31 @ 80.525 (Mid) / 80.505 (Bid)
• Reoffer: 99.809 / 5.177% ann. / 5.112% s/a
• 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 manufacturer target markets (MiFID II and UK MiFIR product governance) as assessed by the lead managers are Professional / Eligible Counterparties (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
• Timing: TOE 13:11 UKT, FTT immediately.
• HR: 113% vs UKT 0 ¼ 31-Jul-31
• Hedge deadline: 13:00 UKT