Commentary & Deal Flow

IPTs: 8yr: MS+160/165bp Tap Sep-31: MS+120/125bp

• Issuer: HOCHTIEF Aktiengesellschaft (Ticker: HOTGR; Country: Germany)
• Issuer LEI: 529900Y25S8NZIYTT924
• Issuer Rating: BBB- (stable) by S&P
• Exp. Issue Rating: BBB- by S&P
• Format: Senior, unsecured, Reg S Bearer, TEFRA D
• Trade Date: 08-Apr-26
• Settlement Date: 15-Apr-26 (T+5)
• Size:
• • 8-year: € Benchmark
  • Tap: Exp. €250m
• Maturity:
• • 8-year: 15-Apr-34
  • Tap: 03-Sep-31
• Coupon: Fixed, Ann., ACT/ACT ICMA
• Payment Days: Following, unadjusted
• ISIN:
• • 8-year: DE000A46ZW17
  • Tap: DE000A46ZW25
• Par Call: 3m
• Early Redemption:
• • 8-year: Tax call / Clean-Up call (75%) / Change of Control
  • Tap: Tax call / Clean-Up call (80%) / Change of Control
• Docs: Debt Issuance Programme dated 07-Apr-26 / Lux. Listing Regulated Market / German Law / €1k+1k
• Selling Restrictions: As per Debt Issuance Programme
• UoP: General corporate purposes, including financing the Thiess Put Option
• Target Market: The manufacturer target market (MIFID II product governance) is eligible counterparties, professional clients and retail clients, each having (1) at least basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) asset accumulation as investment objective, (4) the ability to bear no/small loss and (5) the risk tolerance and compatibility of the risk/reward profile corresponding to 3 as Summary Risk Indicator (SRI). (all distribution channels).
• Global Coordinators: HSBC, J.P. Morgan
• Joint Bookrunners: BNP Paribas(B&D), CaixaBank, HSBC, J.P. Morgan
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus is available and the Final Terms, when published, will be available at: https://www.luxse.com
• Marketing: URL: https://dealroadshow.com Entry Code: HOCHTIEF26 Direct Link: https://dealroadshow.com/e/HOCHTIEF26
• Timing: Books open, today’s business