Germany
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◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary -
◆ Bond priced flat to fair value ◆ 'Pros and cons' for tightening ◆ No-grow tactic deployed
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Bankers expect lack of competing supply from larger names will drive strong outcomes
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◆ German lender enjoys window alone ◆ Eye-catching spread attracts bumper book ◆ Deal lands close to fair value
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◆ Deal is BHH's last before LBBW integration ◆ Investors eager to buy but last deal status not main driver ◆ Small pick-up to SSAs
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◆ Book halves after tightening ◆ Bond prices at fair value ◆ Tightening by 1bp could 'kill a trade for the German states right now'
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Lunar New Year celebrations and Federal Reserve and ECB meetings will reduce issuance this week
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Dual tranche deal set to be German lender's last ahead of its integration with LBBW
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◆ German states find price sensitivity in latest transactions ◆ Bremen sticks, Hamburg twists — but orders drop ◆ KfW spread drives Länder love
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◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
