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Baden-Württemberg set to price FRN on Tuesday in so far quiet primary market
The usual supply slowdown moves fast into sight but issuance windows remain open for next two weeks
◆ 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'
US fiscal woes across keep investors on edge as sensitivity to public debt grows
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◆ €250m deal went better than expected ◆ Spread to KfW key to pricing ◆ Land NRW sustainability next -
◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts
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Risk of complacency flagged as issuers continue to fund into summer
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Investor relations efforts and euro demand help issuer price at ‘ambitious but not unrealistic’ level
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◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
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◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
