Germany
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Issuer starts H2 benchmark funding on positive note, will focus on 'finetuning' in coming months -
◆ 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
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◆ 'Really good' spread to KfW ◆ More German issuance to come ◆ Two-step tightening but no attrition
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Scrabble expected to sign deals before summer
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Fresh Nato commitments will test bond market capacity as major issuers reveal funding updates
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Investor relations efforts and euro demand help issuer price at ‘ambitious but not unrealistic’ level
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◆ Largest deal and book sizes ◆ Strong demand for German SSAs ◆ Fairly priced after 2bp tightening
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The loan was provided by a triumvirate of banks
