German Sovereign
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Market split over whether the issuer pushed pricing too far -
Subdued SSA dollar market is also getting a boost
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Issuer has completed two-thirds of its funding for the year
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As 'greeniums' on public sector bonds are now hard to define, issuers are focusing on other advantages
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SSAs look increasingly expensive versus government benchmarks, raising the question of when investors will stop buying
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“Pretty much fair value pricing” for triple-A rated sovereign
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Well-funded SSA issuers take their time, but weak secondary performance worries bankers
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EIB to test 15 year demand as agencies eye euros and dollars
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Sovereign cuts issuance by €60bn but market readies for another year of hefty SSA issuance
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More benchmarks of €1bn are planned for the year ahead
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Germany faces funding shortfall for 2024 but problem extends beyond Bunds to agencies and Länder
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The sovereign also expects to add a new point to its green bond curve
