March 20, 2018 / 9:10 AM / a year ago

Books on NRW.Bank USD250m Mar 2021 tap > USD425m, L+4bp

LONDON, March 20 (IFR) -

* Books in excess of US$425m. Spread set at DM+4bp. Books to close at 9.30UK / 10.30CET. (9:06)

* Guidance L+6bp area. Books open, today’s business. IOIs in excess of US$280m. Current o/s USD 850m. (8:13)

* IPTs 3mL+6 area for USD250m no-grow. Pricing Tuesday. Due 5 Mar 2021, pay 27 Mar, off DIP, German law, Lux listing, 1k denoms. (March 19)

NRW.BANK, the explicitly guaranteed development agency of the GERMAN FEDERAL STATE OF NORTH RHINE-WESTPHALIA (NRW), rated Aa1/AA-/AAA/AA+ (all stable) by Moody’s/S&P/Fitch/Dagong, has mandated Barclays, JP Morgan, TD Securities and RBC Capital Markets to lead manage an increase of its USD Reg S FRN due 5 March 2021 (ISIN XS1788367735). The transaction will launch in the near future, subject to market conditions. Manufacturer target market (MiFID II product governance) is eligible counterparties, professional and retail (all distribution channels). FCA/ICMA stabilisation. (March 19) (Reporting by Helene Durand)

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