Hamburg Commercial Bank issues EUR 500 million senior preferred bond
Order book more than three times oversubscribed with over EUR 1.65 billion.
HAMBURG/GERMANY – Hamburg Commercial Bank (HCOB) successfully placed its first benchmark issue of the year in the capital markets on Thursday. The senior preferred bond has a maturity of five years, was oversubscribed more than three times with demand exceeding EUR 1.65 billion, and was placed with investors from the United Kingdom/Ireland (43%), followed by the DACH region (38%) and other European countries.
The order book opened on Thursday morning with an initial spread indication of 110 basis points above mid-swaps and closed at midday with a final spread of 78 basis points above mid-swaps. The syndicate banks Barclays, Crédit Agricole CIB, Deutsche Bank, Morgan Stanley and UBS Investment Bank were mandated as Joint Lead Managers. The bond is expected to be rated A3 by Moody’s.
“We have seen very high investor interest, both in the DACH region and from other European countries – we are delighted about this and would like to express our sincere thanks,” said Marc Ziegner, Deputy Chairman of the Board of Managing Directors and Chief Financial Officer of Hamburg Commercial Bank. “The pricing and strong demand confirm investors’ confidence in our bank.”
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 shipping 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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