Germany
-
◆ Sovereign rides post-EU momentum, beats size target ◆ Deal priced flat to fair value ◆ Thuringia oversubscribed but Länder books shrink -
◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year
-
Loan bankers say deals are being delayed and auto sector can expect restructurings
-
◆ Investors pledge strong demand for 'exotic' deal ◆ Slim premium paid ◆ UBS takes €1bn at five years
-
◆ Final euro benchmark done at optimal time ◆ Spread to KfW was key, little NIP paid ◆ Investor work has 'really come into fruition'
-
◆ Deal one of the tightest of the year ◆ Granular book peaks at over €2.2bn ◆ Slim to no premium paid
-
HQLA investors have reallocated away from covered and into SSAs
-
◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
-
After meeting annual budgets in H1, loans bankers are hopeful a strong end to the year will count towards 2026
-
Prospect of more borrowing and investment next year did little to deter Bund yields or swap spreads
-
One major bank has underwritten three infra deals in the last week
-
German company has been actively acquiring and divesting real estate since late 2024
