A tale of two outcomes as German states hit market

By Burhan Khadbai
03 Mar 2020

Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.

The State of Hesse raised €500m with a March 2025 at mid-swaps minus 5bp, unchanged from guidance, with a final book of over €980m including €130m of lead manager interest. Barclays, DekaBank, Deutsche Bank, Natixis and Société Générale were the leads. The trade offers ...

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