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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ 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
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Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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Issuer nearly 40% funded for the year with three more deals potentially still to come
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As the Middle East war shakes bond markets, non-sovereign public sector issuers are proving their safe haven status
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◆ German state executes intraday trade ◆ Tenor near ‘sweet spot’ on euro curve ◆ Fair value only ‘theoretical’ in current market
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Recent deals showed that investor appetite for SSA credit remains
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◆ 'Accelerated execution' due to market uncertainty ◆ Popular deal spotted close to fair value ◆ Momentum accounts 'less active'