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◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week?
◆ Sovereign's first syndication this year may not be its last ◆ Book of ‘great quality’, lots of top tier demand ◆ ‘Defensive’ approach after sovereign outperformed
◆ Issuer had contemplated 12-15 year euro deal ◆ Pushing through fair value was discussed ◆ Aussie dollar a 'win-win' while sterling 'on our minds'

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