Commentary & Deal Flow

Launched: 5yr: €500m @ MS+10bp - Books above €540mn (incl. €300mn JLM)
Guidance: 5yr: MS+10a

• Issuer: The Free and Hanseatic City of Hamburg
• Ticker: HAMBRG Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Issuer Rating: AAA (Fitch, stable)
• Size: €500m
• Coupon: Fixed, annual, act/act ICMA, unadjusted following
• Settlement: 07-May-26 (T+5)
• Maturity: 07-May-31 (5 years)
• Joint Leads: Commerzbank (B&D), Credit Agricole CIB, Danske Bank, Deutsche Bank and NORD/LB
• Fees: The Joint Bookrunners will be paid a fee in connection to the transaction
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II (all channels for distribution of the bonds are appropriate)
• Denoms/Listing: 1k/Hamburg
• ISIN/WKN: DE000A3MQTS5 / A3MQTS
• Timing: Books open for today's business, close at 11:15 CET. Allocation and Pricing to follow