DZ Bank
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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication -
◆ 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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◆ German agency deal not fully covered ◆ ‘Today wasn’t a good day’ for SSAs ◆ Question on screen levels
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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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◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve
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◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need
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◆ Only €5bn left of €80bn funding task ◆ Dollars and smaller currencies on the menu ◆ ‘Right demand, right product, right time’
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◆ Last expected euro benchmark of year ◆ 'Lower size can yield good results' for KfW ◆ Differing fair value opinions
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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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◆ Five year tenor works for investors ◆ Fair value not what it seems ◆ IfDM and Asifnag also price
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◆ ’One of the best trades’ from the past two weeks ◆ Dutch agency chooses short maturity ◆ NIPs have ‘crept up’ but deal priced tight
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◆ Missing fast money causes problems ◆ Fair value is a moving target ◆ SEK sails through with no-grow
