Commentary & Deal Flow

The Free and Hanseatic City of Hamburg, (ticker: "HAMBRG", country: DE) rated AAA (stable) by Fitch, has mandated Commerzbank, Credit Agricole CIB, Danske Bank, Deutsche Bank and NORD/LB to lead manage a new transaction.

A €500m (no-grow), 5yr, Reg S, fixed rate Landesschatzanweisung offering will be launched in the near future, subject to market conditions.

• Target Market: The manufacturer target market (MiFID II/UK MiFIR product governance) as assessed by the lead managers is retail, eligible counterparties and professionals (all distribution channels).