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◆ €250m deal went better than expected ◆ Spread to KfW key to pricing ◆ Land NRW sustainability next
◆ Large demand leads to large print ◆ Early momentum in quality book ◆ 'Everything flying' but spread to swaps also attracts
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
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Issuers are keeping SSA deal flow going as year-end approaches
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US muni market could be template for broad market that solves granularity problem
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Persistent volatility, Asian holidays keep most issuers at bay
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Central bank expected to end seven years of negative rates on Thursday
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The German SSA issuer proved that the euro market remains very much open despite the unexpected rate decision from the ECB last week
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German sub-sovereign issuer gears up for the first euro SSA deal since the ECB’s 50bp rate rise, with Swedish agency eyeing dollars ahead of Fed meet