DekaBank
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◆ Deal confirms 'fair price for Bundesländer' ◆ 6bp pick up over KfW ◆ Things are looking up for January -
◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription
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◆ Eleventh sustainability bond helps issuer close in on funding target ◆ Twice covered book signals steadier euro market ◆ Supply slowdown is "creeping in"
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◆ Issuer one of a handful to issue euro floating rate notes ◆ Spreads wider than earlier in the year ◆ ‘There isn’t really a fair value’
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◆ IBB has clear curve-building strategy ◆ Offers attractive pricing against KfW and Länder ◆ Five year tenor pulling in accounts
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◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
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◆ First public SSA euro bond in weeks ◆ Deal has an unusual tenor ◆ Pricing ‘couldn’t have gone much tighter’
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◆ Savings banks interested in novel technology ◆ ‘Vivid’ secondary market anticipated ◆ Lack of LCR and ECB eligibility a hindrance
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Issuer discusses options for rest of 2024 funding
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‘Still some work to be done’ in bond market’s digital transition
