Helaba

◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year

Helaba merger could create a 'diversified' player in the commercial real estate market

◆ Trade the tightest in euros since early April ◆ Single digit concession paid ◆ Deal comes close to SSA curves

◆ Deals offer pick-up to KfW ◆ Saxony offers 1bp of new issue premium ◆ BayernLabo prices tight

◆ Länder's 10 year 10bp back from KfW ◆ Deal over three times covered ◆ Trade 'could encourage' further German state issuance

◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected

◆ Some premium paid to print at size ◆ Deal 'ticked the boxes' for issuer ◆ 'Froth leaving the market' say bankers

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too

◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens

◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed

◆ Landesbank balances size and price aspirations ◆ Rising geopolitical tensions drive up new issue premium ◆ Spread tightened by less than on recent deals to keep investors in the book

◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate