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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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British Columbia, Thuringia and Sagess will also price deals across dollars and euros on Tuesday -
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Market shifts to favour returning issuer
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Land hits upper end of size target after being 'reasonable' about pricing
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A longer break before the January rush kicks in may be what the SSA market needs
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Issuers face a field of hazards, including opaque pricing and unreliable secondaries
