These are the details of the selected bond:
- Issuer: Hamburger Sparkasse AG
- Covered bond rating(s) at launch: Aaa (Moody's)
- Amount: EUR500m
- Maturity date: 22 March 2032
- Re-offer price: 99.769
- Coupon: 2.625%
- Swap spread: 29bp
- Government spread: 39.2bp
- Pricing date: 15 October 2025
- Settlement date: 22 October 2025
- Bookrunners: Commerzbank, Credit Agricole, Danske, DekaBank, DZ
- Country: Germany
- ISIN: DE000A460CJ3
- Collateral type: Public
- The CBR bond ID: 3235
- Green, social, sustainability description: unlabelled
- Notes: Inaugural Oeffentlicher Pfandbrief. Final book above EUR2bn (inc. EUR300m JLMs) with 79 accounts. Banks/financial services 55.0%, funds 30.0%, government/agency 10.0%, insurance companies/pension funds 5.0%. Germany 57.0%, Nordics 18.0%, Austria/Switzerland 10.0%, Luxembourg 7.0%, UK/Ireland 3.0%, southern Europe 3.0%, other 2.0%.
