Germany
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◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot -
Issuer ‘confident’ to make use of stronger market and has now raised €13bn this year
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◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
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◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
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Loan bankers say deals are being delayed and auto sector can expect restructurings
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◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
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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'
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◆ 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
