Germany

◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week

◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value

◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread

Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer

◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025

◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday

◆ First euro IG corporate benchmark of 2026 ◆ Peak demand tops €3.2bn ◆ More deals set to hit the market from Wednesday

Three new banks join facility, one drops out

German issuer expected to seize 2026's first window for fourth year in a row

Bremen-based real estate and construction firm targeting three, five and seven years

‘Volatility creates opportunities’ as market digests KfW’s new funding plan