Germany
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Concerns rise that the barrier to re-entry is too high for other storied issuers -
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
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◆ Rapid bookbuild ◆ Investors ‘don’t care’ as issuer pays negligible concession ◆ Tenor maximises Bund spread
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Market expected to shut after Wednesday as UK elections and US holiday loom
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Investors are cautious but the deal is “a good test" of the current environment
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Travel company’s shares have ceased trading in London, as exchange keeps losing stocks
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◆ Investors flock to short dated green trade ◆ German lender unearths greenium ◆ Wave of supply not expected despite strong outcome
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Deal seven times subscribed, 90bp wide of same-rated Heineken
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Monday was also the first day for new COO from UniCredit
