NordLB
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Deal was oversubscribed with €110m of lead manager orders
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New sale landed with a limited new issue concession, bankers said
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Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?
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The sector’s tight valuation versus the likes of KfW is capping demand
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KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month
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Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table
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Leads’ orders helped issuer meet its size goal
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Regional borrowers from Belgium, Germany and Spain power surge in labelled bond issuance among SSAs
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Issuance from German states has increased 70% year-on-year
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◆ Domestic and international investors split over price ◆ Final spread strikes balance between differing spread opinions ◆ Debut deal attracts highly granular book
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◆ High demand for debut labelled FIG debt ◆ Two factors behind the single digit concession ◆ NordLB to break senior issuance hiatus in green
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◆ Landesbank preps first public senior deal since 2016 ◆ Need to fund growing bank fuels senior return ◆ Upcoming deal expected to offer pick-up to Landesbank peers
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German federal state attracts nearly €3bn of demand for inaugural social bond
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Two German issuers each took planned €500m from oversubscribed books on the same day as the sovereign
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Issuers set to follow anticipated EU new issue with deals ahead of Federal Reserve’s next meeting
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Bank of England wins big book for its annual dollar bond
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Shorter deals from NordLB and KBC fared better than Baca’s 2029 note
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Multilateral development bank will meet investors for first euro benchmark
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Steiermark and NordLB get their Pfandbrief over the line
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KBN re-establishes access to euros while SEK and NIB print in a tough dollar market
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Issuers are keeping SSA deal flow going as year-end approaches
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Jia Wei Toh moves to the Singaporean bank after stints at NordLB and ANZ
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NordLB scored its largest order book on Monday as investors flocked to covered bonds