Hamburg Commercial Bank issues senior preferred bond in benchmark format
- Order book several times oversubscribed at 1.8 billion euros
HAMBURG/GERMANY, 25 April 2024 – Hamburg Commercial Bank (HCOB) successfully placed a senior preferred bond with a volume of EUR 500 million on the capital market on Wednesday, thus continuing its regular issuing activities. The bond in benchmark format has a term of five years and a coupon of 4.75%. The unsecured senior bond was several times oversubscribed at EUR 1.8 billion and was placed with national and international investors.
The order book was opened in the morning with an initial spread indication of 220 basis points above mid-swap and closed at midday with a final spread of 190 basis points above mid-swap. The syndicate banks Citi, Deutsche Bank, Jefferies and LBBW were mandated as joint lead managers. The bond is expected to receive an “A3” rating from Moody’s.
“By issuing this bond, we have strengthened our long-term funding and, in particular, further broadened our international investor base. Approximately three quarters of the bond volume were placed with asset and fund managers. We would like to thank all investors for their confidence,” said Marc Ziegner, Chief Financial Officer of from Hamburg Commercial Bank.
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