Germany
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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 -
◆ Regular Australian dollar presence planned ◆ Asian, Aussie and Kiwi investors dominate ◆ Premium paid over euro funding
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Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
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German state launches oversubscribed €500m deal close to secondary curve
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◆ First Pfandbrief issued under new digital securities law ◆ Cover pool will be signed off on the chain ◆ Pricing expected next month
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Lack of competition helps both borrowers land flat to fair value
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Safe senior bonds are all well and good — but refinancing capital will show just how far investors' appetite for property-heavy banks goes
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Concerns rise that the barrier to re-entry is too high for other storied issuers
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More deals expected in the coming months as conditions improve
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German sub-sovereign trio failed to gain traction in a crowded primary market
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‘Better execution and pricing’ to come as German agency expects to fund €15bn less than higher end of previous range
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New issue premiums are minimal again
