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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book
First EGB syndication and first dollar SSA bond after tariff mayhem put investor demand to test
◆ Third Länder trade priced in turbulent week ◆ Encouraging deals show ‘there are clearly windows’ ◆ What next week looks like
◆ Second German state braves this week's volatility ◆ 2bp NIP is ‘fair enough’ for Länder ◆ ‘Important to keep market open’ and encourage others, say bankers
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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
