Germany
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◆ German lender readies its first benchmark since January ◆ Deal sized to be capped from the outset ◆ No 'rush' of further supply coming -
◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date
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Daniel Ek's investment company led the family offices that backed the deal, which demanded a 16.5% premium
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Vonovia, Natwest and SpareBank tempted back to to market by arbitrage
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Deal will end three weeks of primary supply drought in the single currency
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A pair of German states, an agency and Pfandbrief issuer are all possible candidates
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Germany's poor economic growth is putting pressure on the federal states' finances
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◆ Savings banks interested in novel technology ◆ ‘Vivid’ secondary market anticipated ◆ Lack of LCR and ECB eligibility a hindrance
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Gas company more than triples size of debut as a surge of first-time issuers highlight market revival
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Industrial gas maker taps the SSD market for the first time in biggest deal of the year
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◆ German banks raced out of the blocks this year ◆ Slower loan book growth to damp supply ◆ Pfandbrief spreads unlikely to tighten
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◆ Regular Australian dollar presence planned ◆ Asian, Aussie and Kiwi investors dominate ◆ Premium paid over euro funding
