NRW Bank, guaranteed by the German state of North Rhine-Westphalia, has priced its EUR500 million, five-year bond, at 11 basis points over midswaps, one of the banks managing the sale said Tuesday.

Bayern LB, UBS AG and UniCredit S.p.A were the lead managers on the issue.

The terms of the transaction are as follows:

 
Amount:           EUR500 million 
Maturity:         February 15, 2017 
Coupon:           1.75% 
Reoffer Price:    99.694 
Payment Date:     January 30, 2012 
Spread:           11 basis points over midswaps 
Debt Ratings:     Aa1 (Moody's) 
                  AA- (Standard & Poor's) 
                  AAA (Fitch) 
Denominations:    EUR1,000 
Listing:          Dusseldorf 
 

-By Sarka Halas, Dow Jones Newswires, +44 (0) 207 842 9236;

Sarka.Halasova@dowjones.com

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