Commerzbank

Another German agency achieved a greenium to follow on from KfW deal

Issuers stick to the Länder rule book to maximise pricing

German SSA supply set to continue in holiday-filled week

Illustrious career included 18 years at Commerzbank and seven years at Deutsche Bank

‘Green German Day’ saw agency and sovereign both enjoy clear green pricing advantage

German agency saw greater savings than what its sovereign was thought to have managed on the same day

German issuer set to brave the market during a data and holiday filled period

CDC seizes French agency momentum while IADB takes £500m from new nine year line

French agency capitalises on rare capital market visit

Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift

Bpifrance and CEB both take €1.25bn while Kommunekredit returns to sterling

◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios