Hochtief AG (HOTGR)

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C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	INDS	PRCD	HOTGR	Hochtief AG	€900		2	EMEA	Apr 8, 2026

Tranche #1Hochtief AG

currency

EUR

size (m)

650.000

maturity

Apr 15, 2034

type

Fixed

tenor

8.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

BBB-

fitch

size description

re-open/tap

ipt

MS+160-165

ipt-pxd

-42.5

guidance

MS+125 area

spread

120

coupon

4.00%

spread set

price

99.30900

yield

4.103%

book size (m)

3,600

peak book (m)

4,100

x-covered

5.54

book attrition

-12.20%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

3,600

peak book (m)

4,100

x-covered

5.54

book attrition

-12.20%

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche #2Hochtief AG

currency

EUR

size (m)

250.000

maturity

Sep 3, 2031

type

Fixed

tenor

5.500

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

s&p

BBB-

fitch

size description

re-open/tap

Yes

ipt

MS+120-125

ipt-pxd

-22.5

guidance

MS+105 area

spread

100

coupon

1.25%

spread set

price

87.80400

yield

3.795%

book size (m)

1,300

peak book (m)

x-covered

5.2

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

book size (m)

1,300

peak book (m)

x-covered

5.2

book attrition

nic

billing & delivering

active leads

joint leads

passive leads

co-managers

coordinating managers

Tranche Comments

Book size: 3600; Registration: Reg S Only; Comments: EUR650m 8y cpn fxd 4.00% at 99.309, yld 4.103%. Spread: MS+120bps. 127.7bps vs DBR 2.2 02/15/34 (95.640/ 2.826%) HR 99%. Par Call: 3m. Tax Call: Yes. CoC: Yes. Call: 75%. LEI: 529900Y25S8NZIYTT924; Book size: 1300; Registration: Reg S Only; Comments: EUR250m tap of 5.5yr cpn fxd 1.25% at 87.804, yld 3.795%. Spread: MS+100bps. 116.1bps vs DBR 0 08/15/31 (87.020 / 2.634%) HR 98%. Par Call: 3m. Tax Call: Yes. CoC: Yes. Call: 80%. LEI: 529900Y25S8NZIYTT924. Total Outstanding: EUR500m;

Deal Comments

EUR250m tap of 1.25% due 09/03/2031. Total Outstanding: EUR500m

Use of Proceeds

General corporate purposes, including financing the Thiess Put Option

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Explore all other Commentary & Deal Flow

	PRICED: HOCHTIEF €900m 8yr & Tap Sep-31 Sr Unsec; MS+120bp & MS+100bp	Apr 8, 2026
	ALLOCATIONS OUT: HOCHTIEF €900m 8yr & Tap Sep-31 Sr Unsec; MS+120bp & MS+100bp	Apr 8, 2026
	LAUNCHED: HOCHTIEF €900m 8yr & Tap Sep-31 Sr Unsec; MS+120bp & MS+100bp	Apr 8, 2026
	GUIDANCE: HOCHTIEF €900m 8yr & Tap Sep-31 Sr Unsec; MS+125a & MS+105a	Apr 8, 2026
	NEW ISSUE: HOCHTIEF € bmk 8yr & exp. €250m Sep-31 Tap Sr Unsec; MS+160/165bp & MS+120/125bp	Apr 8, 2026

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Hochtief AG (HOTGR)

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