Germany
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Taxonomy alignment grows, making EuGB label possible -
Issuers still planning to fund €3bn-€4bn in Q4 from green taps and non-core trades
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◆ Belgian bank deal attracts biggest book of week so far ◆ Deal bid 2bp tighter, through fair value post-pricing ◆ Treasury accounts drive Wüstenrot bid
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◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
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◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
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Issuer ‘confident’ to make use of stronger market and has now raised €13bn this year
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◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink
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◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
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Loan bankers say deals are being delayed and auto sector can expect restructurings
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◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
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◆ Final euro benchmark done at optimal time ◆ Spread to KfW was key, little NIP paid ◆ Investor work has 'really come into fruition'
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◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
