BayernLB
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German bank continues string of firsts in niche aircraft financing structures -
◆ Issuer faces stiff competition ◆ First benchmark deal of the year ◆ Länder-KfW spread 'should be moving out again'
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◆ First public SSA euro bond in weeks ◆ Deal has an unusual tenor ◆ Pricing ‘couldn’t have gone much tighter’
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◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week
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◆ Pricing comes tighter than where LBBW and Helaba last issued similar SNP floaters ◆ Deal will enhance BayernLB's credit rating
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BPCE, Mediobanca and BayernLB all delivered on mandates revealed last week
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Mediobanca, BayernLB, BPCE reserve primary market spots as others are expected to bring a deluge of issuance next week
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◆ Key investors snub senior non-prefs ◆ Real money buyers seemingly happier with lower credit, higher spread ◆ Landesbank Berlin non-benchmark deal gets better reception
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◆ The 'powerful technicals' driving success in unsecured issuance ◆ Nykredit takes advantage with 'solid' deal ◆ German issuer the only other benchmark deal being marketed
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Stadtsparkasse München to test demand for five year Pfandbrief
