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◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision
◆ Third suprnational dollar benchmark of the week ◆ Deal was priced after swap spread leaps by more than 1bp ◆ 'Pretty strong' execution regardless
◆ Nordic sovereign brings year's final euro deal ◆ Pricing strategy adjusted after secondary widening ◆ Land NRW attracts with pick-up over KfW
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◆ Hedge funds dominated when book opened ◆ High quality accounts arrived later ◆ New issue concession estimated -
◆ US dollar benchmark had been slated for later in Q1 ◆ 10 year tenor also considered ◆ Hedge funds allocated more than in some SSA peer deals
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◆ New 20 year Bund launched into popular demand ◆ Is 20 years the new 30 years for EGBs? ◆ Fair value in debate
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◆ Supra back for second round of funding ◆ Tried-and-tested pricing approach adopted again ◆ Bond already performing strongly
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◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
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Volume of SSA dollar issuance drops but duration increases
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