Commentary & Deal Flow

The German State of North Rhine-Westphalia (Land NRW), (ticker: “NRW”, country: Germany) rated Aa1/AA/AAA/AAA (Moody’s/S&P/Fitch/Scope), all stable outlooks, has mandated Deutsche Bank, Helaba, J.P. Morgan, RBCCM and Societe Generale to lead manage its upcoming new 3-year (09-Nov-29) Reg S bearer €1bn (no-grow) fixed rate transaction.

The deal will be launched in the near future, subject to market conditions.

• Issuer: German State of North Rhine-Westphalia (Land NRW)
• Ratings: Aa1/AA/AAA/AAA (Moody’s/S&P/Fitch/Scope), all stable
• Format: Reg S Bearer
• Size: €1bn (no-grow)
• Maturity Date: 09-Nov-29 (3 years)
• Type: Fixed Rate
• Joint Bookrunners: Deutsche Bank, Helaba, J.P. Morgan, RBCCM and Societe Generale
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction.
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Stabilisation: ICMA/FCA stabilisation applies