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Commentary & Deal Flow

by Jp Albin

Apr 29, 2026 6:51 AM ET

PRICED: Free and Hanseatic City of Hamburg €500m 5yr Sr Unsec; MS+10bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
Free and Hanseatic City of Hamburg	5yr	3.000%	07-May-31	€500m	Sr Unsec	Fixed	99.945	3.012%	MS+10a	MS+10	0

Reoffer: 5yr: MS+10bp / 99.945 / 3.012%
Benchmark: 5yr: OBL 04/31 #193 @ 98.677% + 22.6bp

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: 3.000% fixed, annual, act/act ICMA, unadjusted following
Settlement: 07-May-26 (T+5)
Maturity: 07-May-31 (5 years)
Re-offer: 99.945% / 3.012% yld / MS +10 bps
Benchmark: OBL 04/31 #193 (@98.677%) + 22.6 bps
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: TOE: 12:36 CET / FTT: 12:45 CET