DZ Bank
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Strong demand saw German Land issuer almost double its target size -
The sovereign is now one notch away from investment grade ratings from two of the big three agencies
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German web hosting provider began bookbuilding for its €543m flotation on Monday
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8x covered book shows the ‘sweet spot’ is the covered curve’s short end
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SSA issuers look to private placements to meet annual funding targets
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SSA market is braced for up to €180bn of EU issuance next year
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Bankers reckon issuer paid a concession of 4bp-8bp for new 15 year SURE line
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Bulk of deal will be a new 15 year line as issuer fills up curve
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Issuer's second deal is tight for market but wider than G+D has paid for a long time
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German issuer joined by Iberdrola, Traton and Vonovia in €4.6bn day
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Adidas and Thermo Fisher both see stronger demand for longer maturities
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Issuer will monitor closely any opportunity to return to the currency
