Germany
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Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads -
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
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◆ One of tightest euro deals priced this year ◆ Head-to-head with EU again, no problem ◆ 'Virtually 0bp' premium paid
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◆ Strong bids for euros and German bonds on show ◆ Deal came inside of secondary, pricing target ◆ €3bn left to do, another euro deal 'most likely'
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Increased residential lending demand could help support issuance
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Company predicts €1.6bn net loss in FY2024 due to write-downs
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◆ €250m deal went better than expected ◆ Spread to KfW key to pricing ◆ Land NRW sustainability next
