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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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More benchmarks of €1bn are planned for the year ahead
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City of Zurich and PSP Swiss Property take advantage of diminishing supply to appeal to investors with cash still to spend
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Germany faces funding shortfall for 2024 but problem extends beyond Bunds to agencies and Länder
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Issuers relied on dollar market to cross funding finish line in 2023
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Bonds will be settled in wholesale CBDC on December 1 as part of Swiss National Bank’s tokenised asset pilot
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German state intends to issue two or three deals before the summer