Germany
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals -
Company in tricky chemicals sector saw almost eight times demand
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Investors expect the chemicals sector to face challenges during 2025
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◆ Deal to be the first euro Pfandbrief since October ◆ Five year a popular tenor with all except insurers ◆ Fair value considerations revealed
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One or two German speaking issuers could issue this week
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Mortgage growth and investor interest to fuel Pfandbriefe next year
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Bond market will closely watch debate on the debt brake in an election year
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Markets should not underestimate the risk that fringe parties could cause an upset in next year's German general election
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German agency aims to raise around 15% of 2025 target via green bonds as it sets upper limit on tapping euro benchmarks
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◆ Tapped line put in less than a month ago ◆ Small new issue concession ◆ 'Decent bid' for Länder paper currently
