Germany
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◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year -
Heavy pre-financing in 2025 may be depressing activity
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◆ Demand sticky despite tight pricing ◆ Trade performing in secondary ◆ Tight senior/sub spread spotted
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◆ German city state brings rare 20 year ◆ Pricing was tighter than peers' secondary ◆ Andalucía joins Basque from Spain
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◆ ESM set for first syndication of 2026 ◆ EIB drawn to popular 10 year dollar demand ◆ KfW taps sterling market
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◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate
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◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
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◆ Australian bank planning €500m covered ◆ Issuer's first euro deal since September 2023 ◆ Barclays, Natixis and UBS are lead managers
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Munich-based company's deal is one of five launched this month
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'A change in vibes in the market' sensed in the state's deal, but real money shows support
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◆ WI Bank tests 10 year appetite ◆ Spread versus Hesse considered ◆ Mecklenburg-Western Pomerania goes 'close to bone'
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◆ Munich-based firm prints €2.3bn ◆ Autos start 2026 with strong demand ◆ Deal solid despite equity weakness
