Hamburg Commercial Bank issues EUR 500 million senior preferred bond
- High investor participation in HCOB’s first benchmark issue of the year
Marc Ziegner, CFO der Hamburg Commercial Bank
HAMBURG/GERMANY – Hamburg Commercial Bank (HCOB) successfully placed its first benchmark issue of the year in the capital markets on Wednesday. The senior preferred bond has a maturity of five years, was oversubscribed approximately three times with a total demand of EUR 1.5 billion and was placed with investors from Germany (c. 30%), the UK/Ireland (c. 29%), France (c. 15%) and other European countries.
The order book opened on Wednesday morning with an initial spread indication of 150 basis points above mid-swaps and closed at midday with a final spread of 115 basis points above mid- swaps. The syndicate banks Citi, Crédit Agricole CIB, Deutsche Bank, Jefferies and Morgan Stanley were mandated as Joint Lead Managers. The bond is expected to be rated “A3” by Moody’s.
“We are delighted with the very high level of investor participation from Germany and abroad, for which we would like to express our thanks,” said Marc Ziegner, Chief Financial Officer of Hamburg Commercial Bank. “With this five-year bond we have successfully extended our credit curve and further broadened our investor base.”
About Hamburg Commercial Bank:
Hamburg Commercial Bank AG (HCOB) is a private commercial bank headquartered in Hamburg, Germany, that provides customized financing solutions for German and international companies. HCOB has a strong position in structured real estate and project finance and is a reliable financing partner for the global shipping and aviation sector. Efficient and secure payment transaction services as well as innovative products for foreign trade complete the range of services. The bank is guided by established ESG criteria and operates from several locations in Germany as well as in Amsterdam, London, Luxembourg and Piraeus. For more information, please visit www.hcob-bank.com.
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