Germany
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◆ Sub-benchmark deal garners strong domestic bid ◆ Pick up offered to SSAs and larger deals ◆ Small concession needed to secure long end deal -
◆ Recent EU syndication provided encouragement ◆ Greenium debated ◆ ESG investors bolster orders
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◆ German bank's first sterling senior note in almost four years ◆ Premium paid ◆ Valuations 'quite squeezed' in wider sterling market
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Issuer completes €10bn programme but keeps eyes peeled for 'attractive opportunities'
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State could fund 50% more next year and is ready to act early in January
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Senior banker joins from EIB
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
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Taxonomy alignment grows, making EuGB label possible
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Issuers still planning to fund €3bn-€4bn in Q4 from green taps and non-core trades
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◆ Belgian bank deal attracts biggest book of week so far ◆ Deal bid 2bp tighter, through fair value post-pricing ◆ Treasury accounts drive Wüstenrot bid
