Germany
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◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year -
◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
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Public sector issuance is expected to resume at pace this week
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◆ German grid funds capex drive with dual tranche hybrid ◆ Demand holds firm despite aggressive tightening ◆ Deals land close to fair value
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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
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◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
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◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
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Issuer nearly 40% funded for the year with three more deals potentially still to come
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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
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◆ Insurer's first deal for two years ◆ Concession left for investors ◆ Similar €500m senior funding secured with parent company
