Germany
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‘Outstanding year’ of funding overall for the bank in across currencies, €800m left to fund until year-end -
◆ Five euro firms issue sub-benchmark size ◆ Hella deal rips tighter in secondary ◆ Niche and rate names offer further supply
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◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
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◆ New bond priced before state election, far-right AfD leads polls ◆ JLM orders help carry deal across finishing line ◆ 'Fair' pick-up over Bunds but KfW spread ‘relatively tight’
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◆ Only sub-benchmark covered deal in the market on Tuesday ◆ Issuer paid a 'healthy new issue concession', says banker ◆ Pfandbriefzentrale planning new Swiss franc note
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Investors back German engine manufacturer’s raise to 'balance the books' after €1.6bn acquisition gets go-ahead
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◆ Landesbank increases senior market presence ◆ Slower demand due to limited familiarity beyond Germany-speaking investors ◆ Similar execution to other recent 'rich' SP bonds
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◆ Saab to add to popular aerospace and defence bond flow ◆ Hella preps crossover trade ◆ Real estate trust readies green bond
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◆ Volkswagen Bank raises €2.5bn across three green tranches ◆ RCI Banque returns with €1.25bn dual trancher ◆ Investors turn more cautious on duration
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Deal comes after bank built M&A matchmaking system using AI and invested in BlockInvest
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Tight spreads, higher yields lead to cautious approach from investors, observed issuer
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◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
