Germany

Summer is 'slowly but surely' ending with large issuers putting demand to test

Fragmentation, red tape and political friction hamper the bloc’s efforts to build banks that can compete globally

◆ 12 year bond surprises bankers with strong demand ◆ Orders fall as pricing tightens ◆ Deal lands close to fair value

Suspension of managing partners has shaken the bank — and Germany — to the core

◆ Issuer brings another pre-summer deal to fund enlarged programme ◆ Tightening possible despite weakened backdrop ◆ Book not huge but quality 'extremely high', spreads 'decent' to KfW and Land NRW

◆ 'Largest' corporate EuGB and German utility debut in euros ◆ Transmission operator plans €67bn of capex in 2026-2030 ◆ Peak combined demand surges past €22.2bn

Utilities metering company could refinance Schuldschein in coming months

Four tranche deal could raise at least €2bn

◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply

Franco-German tank manufacturer said it would wait until market conditions stabilised

Strong demand with book covered shortly after launch, says banker close to trade

◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew