Germany
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◆ Final euro benchmark done at optimal time ◆ Spread to KfW was key, little NIP paid ◆ Investor work has 'really come into fruition' -
◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
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HQLA investors have reallocated away from covered and into SSAs
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◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026
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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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One major bank has underwritten three infra deals in the last week
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German company has been actively acquiring and divesting real estate since late 2024
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◆ €500m bond six times subscribed ◆ Only 1bp off NRW's recent five year ◆ Tenor, yield, timing all attractive
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◆ 3.5 year FRN priced flat to guidance ◆ Green and conventional fixed rate bonds to come ◆ World Bank, PSP to print euros
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Baden-Württemberg set to price FRN on Tuesday in so far quiet primary market
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Issuer starts H2 benchmark funding on positive note, will focus on 'finetuning' in coming months
