Deutsche Bank
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◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads -
◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’
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◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
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◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ Dual-tranche deal attracts €200bn of orders ◆ New seven year was somewhat unexpected ◆ Bookbuilding started with 4bp of premium
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◆ Deal sees $4.25bn in demand ◆ Good value versus tier one SSAs ◆ Short-end dollar attracts interest
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◆ Eleventh sustainability bond helps issuer close in on funding target ◆ Twice covered book signals steadier euro market ◆ Supply slowdown is "creeping in"
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◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end
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◆ ‘Blow-out book’ for regional issuer ◆ Attractive spreads versus swaps, OATs ◆ Minimal new issue premium paid
