Germany
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come -
◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Mortgage growth and investor interest to fuel Pfandbriefe next year
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Bond market will closely watch debate on the debt brake in an election year
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Markets should not underestimate the risk that fringe parties could cause an upset in next year's German general election
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German agency aims to raise around 15% of 2025 target via green bonds as it sets upper limit on tapping euro benchmarks
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◆ Tapped line put in less than a month ago ◆ Small new issue concession ◆ 'Decent bid' for Länder paper currently
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Company spokesperson cites rising global prices for increasing loan size in refinancing
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Trade was oversubscribed in under 20 minutes
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◆ Bond almost three times subscribed ◆ Issuer did not pay a concession ◆ Deal priced through Länder peers
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◆ Print signals a 'strong start going into 2025' ◆ Fair value hard to pinpoint ◆ Länder peer mandates deal
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LEG takes advantage of strong share price rally with “very opportunistic” trade
