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Commentary & Deal Flow

by Oleksandr Vynychuk

Sep 09, 2026 5:15 AM ET

LAUNCHED: The Free and Hanseatic City of Hamburg €1bn 6yr Sr Unsec; MS+12bp

IGC European Market: Deal Flow - SSA

Issuer	Term	Maturity	Size	Ranking	Type	ISIN	Guidance	Spread Set
The Free and Hanseatic City of Hamburg	6yr	16-Sep-32	€1bn	Sr Unsec	Fixed	DE000A3MQTU1	MS+12a	MS+12

Launched: 6yr: €1bn @ MS+12bp - Books in excess of €1.5bn (incl. €255m JLM interest)
Spread set at: 6yr: MS+12bp - Orderbooks in excess of €1.1bn (incl. €255m JLM interest)
Book Update: Orderbooks in excess of €1bn (incl. €255m JLM interest)
Guidance: 6yr: MS+12a

Issuer: The Free and Hanseatic City of Hamburg
Ticker: HAMBRG Govt
Format: Landesschatzanweisung (0% rw, senior unsecured)
Issuer Rating: AAA (Fitch, stable)
Size: €1bn
Coupon: fixed, annual, act/act ICMA, unadjusted following
Settlement: 16-Sep-26 (T+5)
Maturity: 16-Sep-32 (6 years)
Joint Leads: BayernLB, Commerzbank, Helaba (B&D), ING and J.P. Morgan
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: DE000A3MQTU1 / A3MQTU
Timing: Today's business
Books Subject: 11:30 CET