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◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade
◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year
International interest for German paper has grown
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◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated -
◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals
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◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate
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◆ Supra back for second round of funding ◆ Tried-and-tested pricing approach adopted again ◆ Bond already performing strongly
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◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
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Volume of SSA dollar issuance drops but duration increases
Sub-sections
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