Germany
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◆ German media group's first euro deal since 2022 ◆ Book peaks at €3.4bn ◆ Negative new issue premium paid -
◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
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German government spending programme drives interest in capital raising for acquisitions
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◆ Sub-benchmark deal garners strong domestic bid ◆ Pick up offered to SSAs and larger deals ◆ Small concession needed to secure long end deal
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◆ Recent EU syndication provided encouragement ◆ Greenium debated ◆ ESG investors bolster orders
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◆ German bank's first sterling senior note in almost four years ◆ Premium paid ◆ Valuations 'quite squeezed' in wider sterling market
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Issuer completes €10bn programme but keeps eyes peeled for 'attractive opportunities'
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State could fund 50% more next year and is ready to act early in January
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Senior banker joins from EIB
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◆ Spread tightened by 4bp ◆ Pricing judged to be in line with euros ◆ A more modest book than previous record breaker
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern
