Germany
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◆ Aareal's first covered bond in sterling since 2021 ◆ Comps include euro covered and sterling senior unsecured bonds ◆ Issuer to buy back previous note -
No tightening in sight but stability hopes rise as market digests US and German political upheavals. Next EU deal to offer direction
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Historic spread shift smacks valuations after German government falls apart. Market at 'most critical moment in 20 years'
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German political instability push Bunds yields up, reducing prospects of a covered bond revival
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‘Difficult’ few weeks ahead as negative Bund-swap and wide SSA spreads take toll
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Public sector bankers concerned as political drama in Europe’s biggest economy unfolds
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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Investment grade companies issue €20bn of euro bonds this month
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Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
