DZ Bank
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German sub-sovereign brings new deal as investors distracted by busy FIG market -
Supra has already completed 44% of its borrowing by the end of February
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Hamburg-based lender’s latest 10 year more than four times covered
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Issuer was one of a handful of German SSAs to benefit from a quiet primary market this week
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‘Textbook’ trade takes place in an otherwise quiet market
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Supra’s first syndication of 2024 was bigger and priced tighter than expected
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Issuer reveals plans for seven and 30 year combo
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Issuers 'can't be stingy' in tough conditions as issuer leaves 5bp on the table
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Short end demand wanes as investors adjust to 'peak rates' narrative
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DZ prices 36bp inside Oberösterreichische as the third consecutive trio of deals lines up
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Higher new issue concessions expected to continue into early 2024
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Reception from investors on Tuesday are weaker than some had expected
