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◆ Another German issuer jumps into primary ◆ Orders rush in after pricing was fixed ◆ Does spread to KfW matter anymore?
◆ Aussie issuer returns after 2025 debut ◆ Asset managers like scarce international Australian risk ◆ Canadian names used to find fair value
Andreas Becker, head of treasury and pension fund for Land NRW, discusses borrowing strategy
Others quietly wait for bloc's syndication while KfW jumps into dollars, pipeline could be 'well filled' this week
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◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow
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◆ Land NRW garners €4.5bn peak book ◆ Debt brake vote passes without issue ◆ Hamburg prepping Wednesday deal
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets
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Issuer expects second deal of same maturity in the autumn, while funding needs may change
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP