DekaBank
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◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow -
◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP
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◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
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◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
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◆ Bond priced flat to fair value ◆ 'Pros and cons' for tightening ◆ No-grow tactic deployed
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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◆ German Land's issue sets new record ◆ Yield, spreads both attracted ◆ Both real and fast money keen to get paper
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
