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Commentary & Deal Flow

by Jp Albin

Jun 23, 2026 5:00 AM ET

LAUNCHED: The Free and Hanseatic City of Hamburg €500m 10yr Sr Unsec; MS+24bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	Guidance	Spread Set
The Free and Hanseatic City of Hamburg	10yr	30-Jun-36	€500m	Sr Unsec	Fixed	MS+24a	MS+24

Launched: 10yr: €500m @ MS+24bp - Books above €840m (incl. €225m JLM)
Book Update: Books above €800m (incl. €225m JLM)
Guidance: 10yr: MS+24a

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: 30-Jun-26 (T+5)
Maturity: 30-Jun-36 (10 years)
Joint Leads: Barclays, DZ BANK, LBBW, Raiffeisen Bank International (B&D) and TD Securities
Co-Lead: Hamburger Sparkasse
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 and UK MiFIR (all distribution channels)
Denoms/Listing: €1k/Hamburg
ISIN/WKN: DE000A3MQTT3 / A3MQTT
Timing: Books close at 11:15 CET. Allocation and Pricing to follow.