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Commentary & Deal Flow

by Jp Albin

Jun 23, 2026 7:36 AM ET

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

IGC European Market: Deal Flow - SSA

Issuer	Term	Coupon	Maturity	Size	Ranking	Type	Price	Yield	Guidance	Spread	GDNC-PXD
The Free and Hanseatic City of Hamburg	10yr	3.125%	30-Jun-36	€500m	Sr Unsec	Fixed	99.333	3.204%	MS+24a	MS+24	0

Reoffer: 10yr: MS+24bp / 99.333 / 3.204%
Benchmark: 10yr: DBR 2.9% 15-Feb-36 @ 99.891% / B+29.3bp

Final Books: Above €970m (incl. €300m JLM)

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: 3.125% fixed, annual, act/act ICMA, unadjusted following
Settlement: 30-Jun-26 (T+5)
Maturity: 30-Jun-36 (10 years)
Re-offer: 99.333% / 3.204% yld / MS +24 bps
Benchmark: DBR 2.9% 15-Feb-36 (99.891%) +29.3 bps
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 channels for distribution of the bonds are appropriate)
Denoms/Listing: €1k/Hamburg
ISIN/WKN: DE000A3MQTT3 / A3MQTT
Timing: TOE: 13:20 CET / 12:20 UKT | FTT immediately