Germany

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

◆ 'Largest' corporate EuGB and German utility debut in euros ◆ Transmission operator plans €67bn of capex in 2026-2030 ◆ Peak combined demand surges past €22.2bn

Utilities metering company could refinance Schuldschein in coming months

Four tranche deal could raise at least €2bn

◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply

Franco-German tank manufacturer said it would wait until market conditions stabilised

Strong demand with book covered shortly after launch, says banker close to trade

◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew

Tighter margin loan a 'sign of things to come' for infrastructure lending

◆ First unsecured deal in 10 months ◆ Spread on offer ◆ PBB looking to make net profit this year following 2025 net loss

◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year