Germany

◆ UK housing association sells 15 year bond ◆ Issuer lands spread at middle of range as book fails to 'catch fire' ◆ Traton lines up sterling deal

◆ Swisscom pushes senior/sub spread close to record tights ◆ Tennet Germany lines up debut hybrid ◆ Hybrid volumes run ahead of 2025

Issuer already funded across the curve from five to 30 years in euros this year, reaches 80% target

◆ Two German names appear on the same day ◆ KfW's spread 'more generous' this time ◆ 'Good quality' book for Rentenbank

◆ Infrequent issuer stretches euro curve by a year ◆ Order book barely budges through final pricing ◆ Bankers see high single digit new issue premium

◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision

◆ German firm ends seven year sterling absence ◆ Slim concession paid ◆ Deal tightly priced compared to euros

Summer is 'slowly but surely' ending with large issuers putting demand to test

Fragmentation, red tape and political friction hamper the bloc’s efforts to build banks that can compete globally

◆ 12 year bond surprises bankers with strong demand ◆ Orders fall as pricing tightens ◆ Deal lands close to fair value

Suspension of managing partners has shaken the bank — and Germany — to the core

◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW