North-Rhine Westphalia
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Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve -
◆ Front-end and belly of dollar curve working ◆ Big order books ◆ Landed close to other recent trades
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◆ NRW tests 30 year demand ◆ both real and fast money feast duration ◆ ADB adds euro to funding mix in active 2026 start
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Green and social, dollar and euro all on the menu
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State could fund 50% more next year and is ready to act early in January
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◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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Issuer ‘confident’ to make use of stronger market and has now raised €13bn this year
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◆ Big 10 year printed, spread tightened 2bp ◆ Successful return after recent blip ◆ ‘Very solid market conditions’ confirmed
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◆ Premium paid ◆ More market-makers required ◆ Buy-and-hold investors prevent scalability
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◆ Strong bids for euros and German bonds on show ◆ Deal came inside of secondary, pricing target ◆ €3bn left to do, another euro deal 'most likely'
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German state prices in line with euro curve despite moves in swap spread during execution
