18/06/2003
NRW Benchmark Bond No. 5 Priced
The benchmark bond No. 5 of the State of North Rhine-Westphalia (NRW) has now been priced. The seven-year Treasury Note Series 511 (SCN 146910, ISIN Code DE0001469104), which is due on June 30, 2010, has a volume of € 2 billion. It carries a coupon of 3.25% and has an issue/fixed re-offer price of 99.104%. The spread is thus one basis point above mid-swaps, 17 basis points above the 5.375% January 2010 Bund and 6.5 basis points above the 5.25% July 2010 Bund. Lead managers are WestLB AG, HVB and Morgan Stanley. The issue is subject to German law and will be listed on the Düsseldorf Stock Exchange. Value date is June 30, 2003.