Germany
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North Rhine-Westphalia will get "a lot of legroom" to expand investments, treasurer says -
Rising defence spending to create opportunities for lenders
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Bond prices 'will need to adjust' as markets gain more context on defence spending plans
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◆ Two German sub-sovereigns hit the screens ◆ Surprisingly positive week for Länder new issues ◆ Country's fiscal expansion plan expected to get final nod on Friday
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◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow
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◆ Land NRW garners €4.5bn peak book ◆ Debt brake vote passes without issue ◆ Hamburg prepping Wednesday deal
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Not only security but financial stability is at stake in the race to rearm
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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◆ Rare 15 year trade part of multi-tranche deal ◆ Sluggish start to the day ends with €7bn final book ◆ Single digit new issue concession across all tranches
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Sparkasse Dortmund adds 10 year sub-benchmark offering to pipeline
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Separate listing planned for September
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Issuer expects second deal of same maturity in the autumn, while funding needs may change
