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Commentary & Deal Flow

Related Deals

Hochtief AG (HOTGR) EUR900m Apr 26 2-pt

Related Issuers

Hochtief AG

by Jp Albin

Apr 08, 2026 7:15 AM ET

GUIDANCE: HOCHTIEF €900m 8yr & Tap Sep-31 Sr Unsec; MS+125a & MS+105a

IGC European Market: Deal Flow - General

Issuer	Term	Maturity	Size	Ranking	Type	IPT	Guidance	ISIN
HOCHTIEF Aktiengesellschaft	8yr	15-Apr-34	€650m	Sr Unsec	Fixed	MS+160/165	MS+125a	DE000A46ZW17
HOCHTIEF Aktiengesellschaft	Tap Sep-31	03-Sep-31	€250m	Sr Unsec	Fixed	MS+120/125	MS+105a	DE000A46ZW25

Guidance: 8yr: MS+125a (Books €3.6bn+) Tap Sep-31: MS+105a (Books €750m+) - Combined books in excess of €4.35bn (pre-rec)

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: €650m
- Tap: €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
Notes: Immediate fungibility on the TAP
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
Books subject at: 12:30 UKT / 13:30 CET