NordLB
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German SSA supply set to continue in holiday-filled week -
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
