Commentary & Deal Flow

Tranche 1 (8yr): Peak book over €825m (incl. €135m JLM interest)

Launched: 8yr: €650m @ MS+23bp - Books over €825m (incl. €135m JLM interest)
Book Update: Books over €650m (incl. €135m JLM interest)
Spread set at: 8yr: MS+23bp

• Issuer: The Free State of Thuringia
• BBG Ticker: THRGN Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: AAA (Fitch)
• Size: €650m
• Coupon: Fixed, Annual, ACT/ACT ICMA
• Maturity: 03-Nov-34 (8yr)
• Settlement: 03-Nov-26 (T+5)
• Re-offer: MS+23bp
• Law/List/Denom: German/Frankfurt/1k
• ISIN/WKN: DE000A5GS4C0 / A5GS4C
• Joint Leads: Deutsche Bank, DZ BANK, LBBW (B&D), NORD/LB, UniCredit
• Timing: Books to close 10.15 UKT / 11.15 CET
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II product governance (all channels for distribution of the Bonds are appropriate).
• Allocations: Allocations are in the system
• HR: 103% vs DBR 2.6 15-Aug-34
• Hedge deadline: 11:20 UKT / 12:20 CET
• Pricing: To follow shortly after