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Lower Saxony EUR 10y Benchmark LSA -........>

GERMANY
GERMANY: Lower Saxony EUR 10y Benchmark LSA - PRICED.  / Issuer: Federal State
of Lower Saxony (Land Niedersachsen) /  BBG Ticker: NIESA Govt
Format: Landesschatzanweisung (0% rw, senior unsecured) /  Type: Reg S, Bearer. 
Rating: AAA by Fitch
Size: EUR 1bn  /  Coupon: 0.375% annual, ACT/ACT ICMA  /  Maturity: 14 May 2029
- 10Y  / Settlement: 14 May 2019 (t+5)  /  Spread: MS -9bps
Re-Offer: 99.795% / 0.396% p.a. / DBR 0.25% Feb 2029 +42.0 bps (BID PX 102.68)
Law/List/Denoms: German / Hannover / E 1k+1k  .  ISIN/WKN: A2TR8W / DE000A2TR8W8
Target market: The target market for the bonds is retail, professional and
eligible counterparties,each as defined in MiFID II (all channels for
distribution of the bonds are appropriate).
Fee: The Joint Bookrunners will be paid a fee in connection to the transaction
(MIFID II)
Joint leads: BayernLB, Commerzbank, HSBC (B&D), NatWest Markets, NORD/LB 
Timing: PRICED, T.O.E. 12.04 LDN / 13.04 CET, FTT 12.20 LDN / 13.20 CET, Final
books in excess of EUR 2.5bn (incl. EUR 220m JLM)

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