Book size: 1750; First Pay: 2027-02-10; Registration: Reg S Only; Comments: EUR500m 7yr fxd cpn 2.875% at 99.769, yld 2.912%. Spread: MS+ 20. DBR 2.3 02/15/33 @ 97.805 / B+26.6. LEI: 529900F5KTT6ZUPA8N40;
Deal Comments
Green Bond
Reoffer: MS+20bp / 2.912% / 99.769
Benchmark: DBR 2.3 15-Feb-33 @ 97.805 / B+26.6
Final Books above €1.75bn (incl. €250m JLM). Peak book above €2.1bn (incl. €250m JLM)
Launched: €500m @ MS+20bp - Books above €2.1bn (incl. €250m JLM)
Book Update: Books above €1.75bn (incl. €250m JLM)
Guidance: MS+27a
Issuer: Hamburger Sparkasse AG (Ticker: HASPA Corp)
LEI: 529900F5KTT6ZUPA8N40
Notes: Green Pfandbrief (Grüner Hypothekenpfandbrief)
Label: European Covered Bond (Premium)
Format: Reg S, Bearer
Exp. Issue Rating: Aaa (Moody's)
Issue Date: 03-Feb-26
Settlement: 10-Feb-26 (T+5)
Maturity: 10-Feb-33
Size: €500m
Coupon: 2.875% Fixed, Annual Act/Act ICMA Foll. Unadj.
Coupon Payment Date: Annually, on 10 February in each year, commencing on 10-Feb-27
Reoffer: MS +20bp / 2.912% / 99.769
Benchmark: DBR 2.3 15-Feb-33 @ 97.805 / B+26.6
Denoms/Listing: €100k + €100k / Regulated Market of the Hamburg Stock Exchange
ISIN: DE000A460FN8
WKN: A460FN
MiFID and UK MiFIR: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK or elsewhere
Documentation: Under the Issuer’s Base Prospectus for Pfandbriefe dated 16-Jan-26
Governing Law: German
Use of Proceeds: The net proceeds of the Green Pfandbrief will be used exclusively to finance or refinance in whole or in part, Eligible Green Assets as defined in Haspa´s Green Bond Framework (as of November 2025); published on the Issuer’s website: https://www.haspa.de/en/home/investor-relations/esg-bonds.html
Joint Lead Managers: Commerzbank (B&D / DM), Crédit Agricole CIB, Danske Bank, DekaBank, Erste Group
Fees: The Leads will be paid a fee by the issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from their usual sales contact
Advertisement: The Prospectus is available at: https://www.haspa.de/en/home/investor-relations/pfandbriefe.html?n=true&stref=hnav
Timing: TOE 13.27 UKT / 14.27 CET | FTT 13.45 UKT / 14.45 CET
Use of Proceeds
Finance or refinance in whole or in part, Eligible Green Assets as defined in Haspa's Green Bond Framework