Germany
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◆ Books peak at over €5.1bn ◆ Deal Bosch's first since five tranche sale last May ◆Corporate issuers set to squeeze into Wednesday window -
◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers
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◆ Spreads on all three legs tightened by 30bp ◆ Short end leads demand ◆ Deal follows BMW's outing in January
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‘Whole curve open’ for SSA issuers but seven year point stands out as ‘interesting’ spot amid euro curve shape shift
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◆ Mercedes-Benz prints its first euro public deal of 2026 ◆ Traton's debut green bond pays small NIP ◆ Both issuers tapped euro private placements this year
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◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?
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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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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
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Mandates from Eurofima, Germany, Wallonia and the Free State of Thuringia
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◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
