NRW Issues Benchmark Bond No. 5 with Volume of € 2 Billion
The State of North Rhine-Westphalia (NRW) is issuing a benchmark bond with a volume of € 2 billion. The seven-year Treasury Note Series 511/03 (SCN 146 91 is due on June 30. 2010. Pricing is scheduled for June 18, 2003. The spread range is mid-swaps flat to 2 basis points above the 5.375% January 2010 Bund. Lead managers for the issue are WestLB AG, HVB and Morgan Stanley. Co-lead managers are ABN, Barclays, BNPP, Citigroup, Commerzbank, Deutsche Bank, Dresdner Kleinwort Wasserstein, HSBC, Merrill Lynch and UBS. Value date is June 30, 2003.
The Treasury Note is the fifth benchmark bond of the State of North Rhine-Westphalia. The issue is subject to the POT procedure. In addition to the traditional market making, the consortium of banks will act as market maker on the German MTS platform and in the repo market. NRW is rated Aa1/AA+ (negative watch)/AAA.