Germany

Tighter margin loan a 'sign of things to come' for infrastructure lending

◆ First unsecured deal in 10 months ◆ Spread on offer ◆ PBB looking to make net profit this year following 2025 net loss

◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year

Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in

◆ German utilities taps improving bond market ◆ Demand holds firm across six and 11 year tranches ◆ Fair value debated

Deal looks to satisfy demand for highly-rated long-dated covered bonds

◆ Pair of real estate borrowers print four euro tranches ◆ Vonovia draws strongest demand on shortest leg of €2bn three-part trade ◆ Realty Income pays small concession on €600m outing

◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’

Head of funding Jochen Schader says strong promotional lending has pushed the 2026 target above €15bn, as the agency caps its dollar programme before the summer

Issuer leaves more NIP than earlier this year, as order sizes shrink after busy May and June

◆ Deal 'tight from the outset, but deliberately so' ◆ Slim concession paid ◆ Washington supras in dollar focus

◆ German agency taps bond from 2024 ◆ Line reopened was ‘interesting’ but considered expensive by some ◆ 'No huge NIP' to start with, but book grew after modest tightening