Germany
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◆ Large book for small tap ◆ Flight to safety helps swap spreads ◆ L-Bank grabs $1.25bn -
Long maturities continue to attract healthy oversubscriptions, but some investors don't see their value
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◆ Fair value uncovered after SSA repricing ◆ Printing €1bn 'looks like a stretch' ◆ Higher than average coverage ratio
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Interest from assets managers led the German bank to issue a rare fixed rate sterling deal
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◆ German bank prints popular tier two under new green funding framework ◆ Label a positive ingredient, says rival banker ◆ Funding completed at no concession
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
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◆ German lender raises £325m with rare fixed rate note ◆ Calculating fair value 'hard' ◆ Leads looked at euro covered and sterling senior unsecured comps
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The loan will refinance the German co-operative's 2018 revolver
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◆ Aareal's first covered bond in sterling since 2021 ◆ Comps include euro covered and sterling senior unsecured bonds ◆ Issuer to buy back previous note
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No tightening in sight but stability hopes rise as market digests US and German political upheavals. Next EU deal to offer direction
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Historic spread shift smacks valuations after German government falls apart. Market at 'most critical moment in 20 years'
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German political instability push Bunds yields up, reducing prospects of a covered bond revival
