Commentary & Deal Flow

Final Books: €2.5bn (incl. €435m JLM). Peak Books: >€2.7bn (inc €435m JLM)

Launched: 3yr: €500m @ MS+25bp - Books >€2.7bn (inc €435m JLM)
Book Update: Books >€2bn (incl. €425m JLM)
Guidance: 3yr: MS+33a

• Issuer: Hamburg Commercial Bank AG
• LEI: TUKDD90GPC79G1KOE162
• Issue Type: Ship Covered Bonds (Ship Pfandbriefe), European Covered Bond Premium Label
• Expected Rating: Aa3 (Moody's)
• Format: Reg S, TEFRA D, Bearer, CGN
• Size: €500m
• Ranking: Covered Bond (Ship Pfandbrief)
• Joint Lead Managers: Barclays, BBVA, Danske Bank, Deutsche Bank, Jefferies and Natixis (B&D)
• Maturity Date: 11-Sep-29 (3 years)
• Coupon: Fixed, Annual, Act/Act ICMA, Unadjusted, Following
• Denominations: €1,000
• Listing / Clearing: Hamburg Regulated Market / Clearstream Europe AG, Frankfurt
• Governing Law: German Law
• ISIN / WKN: DE000HCB0CN5 / HCB0CN
• Eligibility (Expected): ECB Repo, LCR L1
• Programme: €15,000,000,000 Debt Issuance Programme dated 8-May-26, as supplemented on 26-Aug-26
• Product Governance / EEA MiFID II: The target market for the Pfandbriefe is eligible counterparties, professional clients and retail clients, each as defined in MiFID II (all distribution channels for eligible counterparties and professional clients, non-advised sales only for retail clients) having (1) basic knowledge and/or experience with financial products, (2) a medium term investment horizon, (3) general capital formation/asset optimization as investment object, (4) no or only minor loss bearing capacity and (5) a low risk tolerance. No EEA or UK PRIIPs key information document (KID) or UK disclosure document required by the FCA Product Disclosure Sourcebook (DISC) has been or will be prepared
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the Final Terms, when published, will be available at: www.hcob-bank.de/basisprospekte
• Reference Benchmark: OBL 2.1% 12-Apr-29 #189
• HR: 115%
• Hedge Deadline: 13:45 CET, 12:45 UKT
• Schedule: Books to close 11.45 CET / 10.45 LDN
• Settle: 11-Sep-26 (T+7)