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◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
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◆ Two German sub-sovereigns hit the screens ◆ Surprisingly positive week for Länder new issues ◆ Country's fiscal expansion plan expected to get final nod on Friday
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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