DekaBank

Agency is now 65% funded with another deal planned for a couple of months’ time

Investors are cautious but the deal is “a good test" of the current environment

Tone is ‘not exactly great’ for the primary SSA market this week

Issuer decided not to delay but leads say ‘something’s missing’ about the market

Issuers stick to the Länder rule book to maximise pricing

French agency capitalises on rare capital market visit

Widening Bund swap spreads draws bid back to paper

Sub-sovereign continues to chip away at its €9.6bn annual programme

German sub-sovereign brings new deal as investors distracted by busy FIG market

◆ German issuer's new deal fits within the 20bp-25bp differential for SP and SNP bonds of tight European FIG names ◆ Tenor matches investors' and issuers' 'sweet spot' ◆ Majority sold in Germany where DekaBank enjoys strong name recognition

French, German and Canadian issuers printed their first euro bonds of the year

KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month