February 28, 2018 / 4:51 PM / in 4 months

L-Bank sets IPTs for US dollar FRN three-tranche taps

LONDON, Feb 28 (IFR) - Landeskreditbank Baden Wuerttemberg – Foerderbank has started marketing taps of a three-tranche bond, increasing the Apr 2020s, Sep 2021s and Mar 2023s by US$250m, US$500m and US$500m, respectively.

They will be topping up bonds of US$750m, US$500m, and with no set size, respectively, with IPTs at 5bp area, 9bp area and 17bp area over three-month Libor.

Leads on the first and last tranche are Barclays, BMO, Goldman Sachs and JP Morgan. Leads on the second tranche are Barclays, BMO, Deutsche Bank and JP Morgan.

Format: senior unsecured bearer notes/NGN/No Definitives/RegS/TEFRA D. German law. Lux listing. Denoms : 1k, 1k and 200k.

The issue will be explicitly and unconditionally guaranteed by the German Federal State of Baden-Wuerttemberg. The ratings are Aaa/AAA, with stable outlooks.

Taking IoIs. Tomorrow’s business. (Reporting by Melissa Song Loong)

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