Germany
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Green and social, dollar and euro all on the menu -
German government will spend €108bn on military next year
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◆ Spread tightened sharply from IPTs ◆ Small new issue premium paid ◆ Tenders for four hybrids also issued
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Deutsche moved from 1.5% to 1% bucket ◆ "Direct impact" on Deutsche's leverage ratio ◆ Two banks upgraded
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Several investment grade companies have issued sizeable Schuldscheine this year
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Issuer to fund €6bn-€7bn next year, will be active in January
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◆ Tightest reoffer spread for a four year corporate paper this year ◆ Book peaks at more than three times the deal size ◆ Low single digit premium paid
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◆ Final book under €800m ◆ 'Low single digit concession' ◆ 'Trickier' for German LBs in senior than covered
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◆ New issue premium estimated ◆ Partial pre-funding ◆ Baden-Wuerttemberg 'through fair value'
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◆ Attractive pick-up to KfW and other peers ◆ Atypical tenor no trouble ◆ SSA appetite strong
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British-German publisher is a first-time Schuldschein issuer
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◆ Tight deal secured despite equity volatility ◆ Demand stronger at the short end ◆ Proceeds will 'prudently' refinance upcoming maturities
