Germany

Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in

◆ German utilities taps improving bond market ◆ Demand holds firm across six and 11 year tranches ◆ Fair value debated

Deal looks to satisfy demand for highly-rated long-dated covered bonds

◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’

Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer

Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June

◆ Deal 'tight from the outset, but deliberately so' ◆ Slim concession paid ◆ Washington supras in dollar focus

◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening

◆ Fallen angel lands €500m deal ◆ Tight price too much for some investors ◆ IG and high yield comps used

◆ Rhineland-Palatinate's ISB pays a slim premium to print ◆ No-grow deal fully subscribed despite thinned-out market ◆ Brandenburg's ILB lines up three year

Association of German Pfandbrief Banks bi-annual survey finds members are more cautious going into H2