Commentary & Deal Flow

Reoffer: 6yr: MS+12bp / 99.408 / 3.486%
Benchmark: 6yr: DBR 1.7% 15-Aug-32 @ 91.99 / B+28.1bp / HR 105%

Tranche 1 (6yr): Final Books in excess of €1.55bn (incl. €310m JLM). Peak book in excess of €1.55bn (incl. €310m JLM)

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
• Reoffer: MS+12bp / 99.408 / 3.486%
• Benchmark: DBR 1.7% 15-Aug-32 / B+28.1bp / 91.99 / HR 105%
• Coupon: 3.375% 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: Priced. TOE 14:05 CET. FTT 14:15 CET