DZ Bank
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◆ Market's 'green light' buoys long end deal ◆ Sizeable books sticks together during pricing ◆ Attractive pick up offered to sub-sovereigns -
Further covered deals expected but demand could skew towards riskier paper
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ Third benchmark trade from Luxembourg-based supra this year ◆ Govvie yields higher after US downgrade but issuer undeterred ◆ Execution was quick and typical
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◆ IBB, Saxony-Anhalt, AFL price deals ◆ One trade "accelerated" ahead of cramped market ◆ All notes price tightly
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◆ Large book, small concession ◆ Merz stumbled on the path to power ◆ 'Remarkable stability' in Bunds
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◆ Volatility causes spread losses ◆ Issuer ‘flirted’ with intraday execution ◆ Level ropes in $2.35bn book
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◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
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◆ German bank tightens 3bp from guidance with minimal NIP ◆ Larger tap than usual ◆ Succeeds in face of tariff uncertainty
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◆ Issuer sets level flat to supra peer ◆ No new issue concession ◆ CEB takes €1bn, book easily covers
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
