BayernLB

◆ BayernLB lands covered at 23bp over mid-swaps ◆ Banker says deal landed at fair value ◆ PBB achieves 'blow-out deal'

◆ Landesbank returns to benchmark capital issuance for first time since 2021 ◆ Gathers attention of bigger investors in busy FIG market ◆ Italy's Banca Ifis completes first tier two foray in more than five years

Berlin Hyp's head of funding moves after issuer integrated into LBBW

◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads

◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern

◆ Third benchmark SP from the Landesbank becomes year's tightest ◆ This brought challenges and price discovery ◆ Higher new issue premium compensated with 'good' foreign buying

◆ Bank's first dollar benchmark bond for 10 years ◆ Most of paper sold outside Dach ◆ Diversification achieved at a cost to euros

◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight

◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too

◆ Issuer pays to extend curve to 7.5 years ◆ Books hold firm at €2.5bn ◆ Investors eye secondary performance