Commentary & Deal Flow

Reoffer: 10yr: MS+27bp / 99.129 / 3.731%
Benchmark: 10yr: DBR 3% 15-Aug-36 @ 97.00 / B+36.8bp / HR 101%

Tranche 1 (10yr Green): Final book over €1.65bn (incl. €205m JLM)

Launched: 10yr: €500m @ MS+27bp - Books above €1.45bn (incl. €205m JLM)
Book Update: Books over €1.2bn (incl. €205m JLM)
Guidance: 10yr: MS+29a

• Issuer: The Free and Hanseatic City of Hamburg
• BBG Ticker: HAMBRG
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: AAA / AAA (Fitch/Scope)
• Size: €500m
• Coupon: 3.625% Fixed, Annual, ACT/ACT ICMA
• Maturity: 03-Nov-36 (10yr)
• Settlement: 03-Nov-26 (T+6)
• Reoffer: MS+27bps (3.731% / 99.129)
• Benchmark: +36.8 bps vs DBR 3% 15-Aug-36 @ 97.00 / 3.363% / (HR 101%)
• Law/List/Denom: German / Hamburg / 1k
• ISIN/WKN: DE000A3MQTV9 / A3MQTV
• Bookrunners: Credit Agricole CIB, Danske Bank, DekaBank, Deutsche Bank, DZ BANK
• ESG Structuring Coordinator: DZ BANK
• Fees: The banks will be paid a fee in relation to this transaction
• Use of Proceeds: The net proceeds will be used by the issuer for eligible green expenditures which meet the requirements as defined in the issuers Green Financing Framework.
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II and and UK MiFIR product governance (all channels for distribution of the Bonds are appropriate).
• ToE: 13:34 CET / 12:34 UKT, FTT immediately