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◆ New bond priced before state election, far-right AfD leads polls ◆ JLM orders help carry deal across finishing line ◆ 'Fair' pick-up over Bunds but KfW spread ‘relatively tight’
◆ 'More defensive' five year tenor works well ◆ Record non-German demand, central banks show hands ◆ Länder-KfW spread 'at a good place'
Month-end buying from investors in secondary market to determine backdrop for next wave of issuance
◆ First 10 year Länder bond post-summer ◆ Pricing was fair versus KfW ◆ More diversified book than before
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◆ Pricing was tricky after Hamburg’s recent five year ◆ Is 7bp the new magic number for Länder? ◆ Five year demand lacking, Thuringia to test 10 year -
Erik Kolski at Land NRW's Ministry of Finance discusses its largest sustainable bond since 2020
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◆ Lead managers propped up order book ◆ Spread to other Länder 'needed more buffer' ◆ Limited read across to other SSA deals
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
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Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
