Lower Saxony
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◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore? -
◆ Spread not tightened ◆ New issue concession paid ◆ Pick-up over KfW estimated
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◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
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German issuer expected to seize 2026's first window for fourth year in a row
