DZ Bank
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP -
◆ 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
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◆ Longest trade in euros for SEK ◆ Book almost three times covered ◆ Rarity helps with tight pricing
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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'No brainer' issuer set to price a seven year bond on Wednesday
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◆ DC-based supra taps undersupplied part of curve ◆ Much bigger book than usual ◆ Secondary levels makes judging fair value hard
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
