DZ Bank
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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book -
◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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◆ Issuer sets level flat to supra peer ◆ No new issue concession ◆ CEB takes €1bn, book easily covers
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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◆ Talk of planned mandate change comes as bank raises €4bn ◆ More defence projects to become eligible for loans ◆ Deal not impacted, green label helped
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◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
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◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
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◆ Rare euro appearance from Norwegian agency ◆ Deal was 'one of the most successful' ◆ Differential to KfW gets tight
