German Sovereign
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◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision -
Analysts discuss the scope of tightening in Bund swap spreads and the impact on SSA spreads
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◆ Sovereign serves up first 30 year SSA deal in two months ◆ Cost-sensitive issuer opts for limited size ◆ Very small NIP, even by German standards
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Bankers confident ‘good, liquid names’ could still get deals done, windows wide open this week
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◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist
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Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads
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Issuer spends time on pricing with two-step tightening in latest euro benchmark
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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After €1.25bn close to curve, Land's treasurer discusses reforms
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Bond prices 'will need to adjust' as markets gain more context on defence spending plans
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Not only security but financial stability is at stake in the race to rearm
