Deutsche Bank
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◆ ‘Huge’ euro success after record dollar deal ◆ Another record broken ◆ Issuer now 35% funded -
◆ Cades tightens pricing by 5bp ◆ French political backdrop helping asset class ◆ Deal subscribed over 10 times
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◆ Deal over 3x covered ◆ Peer supply 'only way to look at pricing' ◆ No-grow label helps deal
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◆ Size on upper end of DMO's expectations ◆ Minimal new issue premium ◆ Gilt to be auctioned next month
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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Senior banker arrives to work in financial advisory
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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◆ Diverging views on new issue concession ◆ Huge books for each tranche ◆ Issuer takes a big bite out of 2025 funding need
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
