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Risk of complacency flagged as issuers continue to fund into summer
Investor relations efforts and euro demand help issuer price at ‘ambitious but not unrealistic’ level
◆ First euro deal since January 2024 ◆ Timing and tightening 'just right' ◆ Peer issuance provides confidence
◆ First €1bn three year Länder since end-2023 ◆ Deal prices in line with recent EIB, ESM in primary ◆ Secondary spread pick-up still attracted €1.5bn book
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Well-funded SSA issuers take their time, but weak secondary performance worries bankers -
Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?
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The German state needs to raise 20% more than initially planned
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Latest deal came 1bp through fair value, according to the issuer
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‘Difficult to argue against this trade’, said one lead
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Issuer has done nearly €3bn of its €10bn programme and may return in March
