DekaBank

Sub-sovereign continues to chip away at its €9.6bn annual programme

German sub-sovereign brings new deal as investors distracted by busy FIG market

◆ German issuer's new deal fits within the 20bp-25bp differential for SP and SNP bonds of tight European FIG names ◆ Tenor matches investors' and issuers' 'sweet spot' ◆ Majority sold in Germany where DekaBank enjoys strong name recognition

French, German and Canadian issuers printed their first euro bonds of the year

KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month

Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table

Leads’ orders helped issuer meet its size goal

Deals went well but have not dispelled concerns around the fragility of euro covered bond demand

Issuers to 'de-risk' euro covered bond funding with short dated deals

Muted SSA market welcomes European pair

◆ Domestic demand supports sale ◆ Public bail-in debut lands in line with peers ◆ Follow-on deals unlikely as blackouts and holidays suppress the pipeline

◆ German lender to optimise funding and find investors beyond Germany ◆ Conducive market for credit issuance ◆ Non-preferred bonds outperform preferred paper