BayernLB
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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
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◆ Deteriorating market conditions made worse by investors demanding higher premium ◆ 'Wise' decision to print after two days of calls ◆ Shawbrook sells private placement-like tier two in sterling
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◆ Pent-up demand supports issuer set to regain IG ◆ Concession was 0bp-10bp, below what eurozone periphery smaller issuers have paid ◆ BayernLB chooses extra day of marketing for tier two
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◆ Both deals are expected to price as early as Tuesday ◆ Unlikely to compete for demand due to differing ratings and buyer bases ◆ NBG will print the first Greek bond after Moody’s rating upgrades
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◆ Strong final outcome gives hope to others ◆ Core issuers aim for investors' 'sweet spot'◆ Bookbuilding shows buyers having the 'upper hand'