Germany
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The German agency has been working on bringing up the liquidity of its bonds -
◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
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◆ Holding company starts around 40bp wide of fair value ◆ Demand pours into the book ◆ Borrower pays single digit new issue concession
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
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German state prices in line with euro curve despite moves in swap spread during execution
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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book
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One of the first facilities from sector heading for boom after Germany announced big spending plans
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◆ Third Länder trade priced in turbulent week ◆ Encouraging deals show ‘there are clearly windows’ ◆ What next week looks like
