Deutsche Bank
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◆ 'Investors seem to be buying' in euros ◆ Institutional community's tap tightened 4bp ◆ Deal’s coverage ratio was issuer's highest this year -
◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio
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◆ Tenth syndication probably bloc's last for 2024 ◆ Large subscription ratio as usual ◆ January looking 'extremely positive'
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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◆ Deutsche prints popular €1.5bn deal as investors fight for higher absolute yield ◆ Yield chase prevalent in dollars a day after return of tier ones ◆ SocGen, NatWest market dollar AT1s
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ Opportunistic move pays off ◆ More balance brought into euro curve this year ◆ ‘Incentive and motivation’ to improve spreads
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◆ ‘Important and strategic’ trade for French agency ◆ Regulatory upgrade brings tighter pricing, new investors ◆ Public Aussie debut possible next year
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◆ Final terms fixed from the get-go ◆ Second opportunistic dollar trade from the sovereign ◆ Home euro market having ‘terrible day’
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◆ Agency brings planned October benchmark ◆ Regulatory boost received in July ◆ Bonds now trade closer to Bpifrance
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◆ First KDB public sterling deal in seven years ◆ £250m bond could be first of many as issuer diversifies ◆ SSA transition ongoing, euros in focus for 2025
