Hamburger Sparkasse AG
Issuer Profile Covered Bonds , 26. Sep
Hamburger Sparkasse AG (Haspa) is a free savings bank operating in the Hamburg economic area. With total assets of EUR 58bn, it is the largest savings bank in Germany. Haspa's focus is on retail customers and small and medium-sized corporate customers. In addition, the bank is also active in the areas of municipal financing, commercial real estate and private banking.
In H1 2023, net profit tripled year-on-year to EUR 49.0mn. This was mainly due to an increase in net interest income (interest rate increase). Risk provisions, which were more than twice as high, had a negative impact on earnings.
Since 2023, Haspa has an issuer rating from Moodys of 'Aa3' with a stable outlook. In addition, Haspa has a group rating of 'A+' with a stable outlook from Fitch via the Sparkassen-Finanzgruppe.
Haspa can draw on a broad deposit base from the retail sector and has a low dependence on the capital market. Bond issues on the capital market serve to diversify the refinancing base. Here, the Bank primarily uses its potential of cover pool-eligible receivables as a favorable source of refinancing and issues mortgage covered bonds (Moody's rating of 'Aaa'). In addition, unsecured funding is to become more important due to regulatory requirements.
In H1 2023, net profit tripled year-on-year to EUR 49.0mn. This was mainly due to an increase in net interest income (interest rate increase). Risk provisions, which were more than twice as high, had a negative impact on earnings.
Since 2023, Haspa has an issuer rating from Moodys of 'Aa3' with a stable outlook. In addition, Haspa has a group rating of 'A+' with a stable outlook from Fitch via the Sparkassen-Finanzgruppe.
Haspa can draw on a broad deposit base from the retail sector and has a low dependence on the capital market. Bond issues on the capital market serve to diversify the refinancing base. Here, the Bank primarily uses its potential of cover pool-eligible receivables as a favorable source of refinancing and issues mortgage covered bonds (Moody's rating of 'Aaa'). In addition, unsecured funding is to become more important due to regulatory requirements.