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New issue premiums in recent weeks were lower compared to the highs after the Iran-US conflict began
◆ Only 4bp paid over theoretical new KfW ◆ Länder bonds continued to be seen as expensive ◆ Will bank treasuries switch to EIB from Länder?
Mandates from Eurofima, Germany, Wallonia and the Free State of Thuringia
◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year
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Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets -
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
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◆ German state braves extreme spread volatility ◆ Deal was priced after government signalled higher Bund and Länder supply ◆ ‘Flip side for investors’ is much higher yield
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EGBs sell off as Germany tries to fund both infrastructure and defence through debt brake reform
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◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
