Barclays

Move follows hiring of John Kolz as co-head of global ECM

◆ Rival bankers discuss premium paid ◆ Interim pricing stage used to test investor appetite ◆ Do investors care about attrition?

◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP

◆ New five year bigger than planned ◆ New dollar book record for sovereign ◆ Rare but regular issuer, 'a pleasure' of a deal

Appointment follows strong year in ECM

◆ Sovereign sets new book and size records ◆ Deal a hit despite 'not straightforward' backdrop ◆ 'Different story' while still 'a confidence booster'

Issuer spots strong appetite from traditional investors amid net negative supply

◆ Issuer takes home more than the usual $2bn ◆ Single-digit spread to US Treasury at landing ◆ Dollar investors still attracted by spreads to swaps, yields

◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens

◆ Strong market for subordinated bank debt in euros and dollars ◆ Investors buy ‘undersupplied’ UniCredit AT1 at multi-year low yield in the asset class ◆ Barclays, SMFG and ENBD target dollar AT1 buyers

◆ Curve repriced significantly since January ◆ Bond prices tight after spread moves 2bp ◆ Lower Saxony borrows with nine year

◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too