Lower Saxony pays ‘quite good’ spread over KfW for big size

Addison Gong

October 22, 2025 06:13 pm

◆ German state takes €1.5bn ◆ Seven year demand question answered ◆ Small spread paid versus theoretical new KfW line

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request a Free Trial or Login

Topics

Sub-sovereigns SSA Germany Euro

AG

Addison Gong

SSA editor GlobalCapital

Related articles

SSA

IDA goes for 'unusual' 25 year and prints upper end of target size

◆ Pricing comes significantly through EU ◆ 'Surprising' French interest in book ◆ Fast money deterred by odd tenor

Sarah Ainsworth, October 22, 2025
Senior Debt

Bank of America surprises with €2.75bn dual trancher

◆ Second 'chunky' US bank euro print in a week ◆ Deal lands close to fair value ◆ But longer, fixed rate tranche raises questions as it is spotted wider in grey market

Atanas Dinov, October 22, 2025
High grade and crossover bonds

BAT lights up market with seven times covered hybrid

◆ UK tobacco company sells larger than expected €1.2bn dual trancher ◆ Final demand strong despite tighter yields ◆ Sub/senior gap set in the low-100bp area

Diana Bui, October 22, 2025
Senior Debt

NordLB extends senior curve with five year bullet

◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds

Flynn Nicholls, October 22, 2025
Supras and agencies

Finnvera squeezes spread to sovereign in latest euro outing

◆ Book one of the issuer’s largest ◆ ‘A good trade’ at 19bp over swaps ◆ Tight spread to Finnish govvies

Addison Gong, October 22, 2025
Covered Bond Analysis

Covered bond market waits for issuers to emerge from blackout amid spread poser

Absence of new bonds to help secondary spreads grind tighter

Frank Jackman, October 22, 2025