Germany
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◆ Popular Adidas more than four times covered at peak ◆ Investors leap at rare deal ◆ Tight top quality credits used for pricing -
Manufacturers and suppliers have been hit hard by costs and Chinese competition
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◆ German state takes €1.5bn ◆ Seven year demand question answered ◆ Small spread paid versus theoretical new KfW line
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◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds
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◆ Issuer's first unsecured bond since March 2021 ◆ Tight pricing for rare name in the asset class as ...◆ ... 'everybody wants to grab every piece of paper they can get'
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◆ Dealers pitched wide range of pricing ◆ Hard limit orders drop away ◆ Finnvera, IDA, Saxony bring euro mandates
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Five and 10 years more appealing, with ultra-long spreads deemed 'rather costly'
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◆ German media group's first euro deal since 2022 ◆ Book peaks at €3.4bn ◆ Negative new issue premium paid
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◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
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German government spending programme drives interest in capital raising for acquisitions
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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
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◆ Recent EU syndication provided encouragement ◆ Greenium debated ◆ ESG investors bolster orders
