Book size: 490; Registration: Reg S Only; Comments: EUR250m 10yr cpn fxd 3.00% at 99.185, yld 3.096%. Spread: MS+28bps. +29.4 bps vs DBR 2.9% 02/15/36 @ 100.835 / 2.802% / (HR 97%). LEI: 5299001LWOD98X7BJJ08;
Deal Comments
Reoffer: 10yr: MS+28bp / 99.185 / 3.096%
Benchmark: DBR 2.9% 15-Feb-36 @ 100.835 / 2.802% / B+29.4bp (HR 97%)
Final book over €490m (incl. €100m JLM). Peak book above €515m (incl. €125m JLM).
Launched: 10yr: €250m @ MS+28bp - Books above €515m (incl. €125m JLM)
Book Update: Books over €425m (incl. €85m JLM)
Guidance: 10yr: MS+29a
Issuer: Hamburgische Investitions- und Förderbank (IFB Hamburg)
Ticker: IFBHH
LEI: 5299001LWOD98X7BJJ08
Guarantor: Free and Hanseatic City of Hamburg (rated AAA by Fitch)
Format: Reg S Bearer (0% rw, senior unsecured, LCR Level 1)
Selling Restrictions: Selling restrictions apply to the US, UK and Japan
Issuer Rating: AAA by Fitch
Issue Size: €250m
Coupon: 3.00%, Fixed, Annual, ACT/ACT ICMA
Maturity: 18-Feb-36 (10yr)
Settlement: 18-Feb-26 (T+5)
Reoffer: MS+28bps (3.096% / 99.185)
Benchmark: +29.4 bps vs DBR 2.9% 15-Feb-36 @ 100.835 / 2.802% / (HR 97%)
Governing Law: German
Listing: Hamburg
Denominations: 100k+100k
ISIN/WKN: DE000A352E48 / A352E48
Bookrunners: BayernLB, DekaBank, Deutsche Bank, DZ BANK & LBBW (B&D)
Fees: The banks will be paid a fee in relation to this transaction
Target Market (MiFID II): Eligible Counterparties, Professional and Retail Clients (all distribution channels)
Use of Proceeds: The net proceeds will be used to refinance “affordable housing projects" in accordance to the issuer's Social Bond Framework (2026).
Social Bond Framework 2026: https://www.ifbhh.de/resource/blob/12972/5da28a6c80c856b4289998021bf9400a/social-bond-framework-data.pdf
Timing: Priced, TOE 12.45 CET, FTT Immediately
Guarantor(s)
Free and Hanseatic City of Hamburg
Use of Proceeds
To refinance “affordable housing projects" in accordance to the issuer's Social Bond Framework