German Sovereign

The German state of Hessen priced a 10 year benchmark on Monday to open its annual funding task.

The State of Mecklenburg-Western Pomerania came to market with its first benchmark syndicated trade, a 10 year bond, on Monday morning. The deal absorbed investor interest stirred up by the State of Lower Saxony’s seven year deal last week.

Lower Saxony was the first of the German states to come to market this year, pricing a seven year trade on Thursday. The leads will price the deal on Thursday afternoon, following a bookbuild impaired by a lack of interest from domestic investors.

The Dutch State Treasury has plumped for a three year auction next week to kick off its long term funding for the year. Strong appetite for risk could mean international demand is lacklustre, but the domestic investor base will carry the auction through, said analysts.

The State of North-Rhine Westphalia priced a tap of a May 2016 sterling floater on Monday afternoon in line with its secondary levels.

The State of North-Rhine Westphalia was set to price a tap of a May 2016 sterling floater on Monday afternoon in line with guidance, a week after raising €1.5bn of December 2017 paper in a heavily oversubscribed benchmark.

WIBank, the development bank of the German state of Hessen, issued its debut public bond on Wednesday morning. The deal reached four times subscription, with the paper offering investors the safety of a credit guaranteed by a German state along with a pickup over where an issue from the State of Hessen would have been likely to price.

The development bank of the State of Hessen, WIBank, is set to price its debut public trade on Wednesday, having announced initial price thoughts on Tuesday afternoon. The issuer expects to follow this inaugural deal with up to three public syndications in 2013.

The State of North-Rhine Westphalia attracted strong demand to a five year euro benchmark on Tuesday morning. The book topped €3bn, which allowed the issuer to price a deal €500m larger than the initial minimum target size and at the tight end of guidance.

State of North-Rhine Westphalia announced it has mandated six banks for a December 2017 euro benchmark on Monday afternoon, while State of Lower Saxony drew higher than expected demand on a seven year tap.

State of Brandenburg became the latest of many German regions to enter the capital markets this week, pricing a €500m floating rate note — albeit at the wide end of guidance — on Wednesday afternoon.

City State of Hamburg sold a €500m 5.5 year new issue in little over an hour on Monday morning, outstripping dealers’ expectations for the trade.