Haspa debut benchmark Public Pfandbrief

We are very happy with the result. At its peak, the order book amounted to around EUR 2.3 billion, spread across more than 90 different investors. To my knowledge, it was the largest order book for a Haspa Pfandbrief issue to date. Even after the spread was tightened by six basis points, the final book remained at over EUR 2 billion. And that wasn’t the only thing that pleased us. At 43 per cent, the international participation was also above average, with our northern European neighbours accounting for the largest share at 18 per cent. All in all, it was a very successful debut.

In the context of public sector lending, we focus on public sector companies in Hamburg, with Haspa acting as the principal bank for many of these companies. As a savings bank, we are strongly committed to the metropolitan region and want to be a reliable partner for our customers in financing their projects. This naturally includes our public sector clients, especially as the emphasis on the common good is firmly anchored in our statutes. Thanks to our business model as a savings bank and the economic strength of the region, Haspa is in a comfortable liquidity situation. Pfandbriefe are the appropriate refinancing instruments for raising structural liquidity in a costeffective manner.

We see demand being driven primarily by the energy transition. Investments are being made in waste incineration, public transport, district heating and energy networks. Hamburg is playing a pioneering role in the energy transition and is investing heavily in making public buildings CO_²-neutral. The city of Hamburg has ambitious investment plans for the years ahead. We are therefore seeing increased demand for credit, which may have a positive effect on the volume of Public Pfandbriefe issued.

Thank you very much!