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◆ New bond priced before state election, far-right AfD leads polls ◆ JLM orders help carry deal across finishing line ◆ 'Fair' pick-up over Bunds but KfW spread ‘relatively tight’
◆ 'More defensive' five year tenor works well ◆ Record non-German demand, central banks show hands ◆ Länder-KfW spread 'at a good place'
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
◆ First 10 year Länder bond post-summer ◆ Pricing was fair versus KfW ◆ More diversified book than before
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◆ German state takes €1.5bn ◆ Seven year demand question answered ◆ Small spread paid versus theoretical new KfW line -
◆ Dealers pitched wide range of pricing ◆ Hard limit orders drop away ◆ Finnvera, IDA, Saxony bring euro mandates
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Five and 10 years more appealing, with ultra-long spreads deemed 'rather costly'
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Govvies outperform swaps as market participants contemplate next year’s spread direction
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◆ Sub-benchmark deal attracts large book ◆ 'Quite a big milestone' achieved ◆ Fair value not straightforward, but pricing was through
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◆ €18.5bn demand for €1bn tap ◆ ‘Really fantastic’ deal completes 2025 funding ◆ 'Very tight' Bavaria struggles to attract
