Germany
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◆ Finnvera joins dollar party in primary ◆ Attractive levels and lack of supply boost demand ◆ Another German issuer brings 10 year euro paper -
◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
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◆ German sub-sovereigns back in 10 year euros ◆ Fair pricing, good pick up over KfW ◆ First deal to price on day of terminal outage
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◆ BayernLB ends two year public sector Pfandbrief absence ◆ Tatra issues for the first time this year ◆ Little to no premium needed for either deal
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The German agency has been working on bringing up the liquidity of its bonds
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◆ Deal attracts strong early momentum ◆ Slim premium paid as HVB lands size ◆ Pick-up offered over German SSAs
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◆ Caffil aims for 12 years, LBBW goes for 10 ◆ Pair of €500m deals attract almost €5bn of combined demand ◆ Single digit concessions offered
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◆ Deal was Sparkasse Hannover's second in benchmark format ◆ Domestic demand drives deal but some international accounts take part ◆ Next to no premium paid
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◆ Holding company starts around 40bp wide of fair value ◆ Demand pours into the book ◆ Borrower pays single digit new issue concession
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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◆ Swap spread stability enables large $5bn trade ◆ Spread to US Treasuries gets squeezy ◆ Alternative executions considered but not needed
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◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight
