Germany
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered -
◆ Fresenius, Danone and Proximus benchmarks shake off tariff turmoil ◆ Range of new issue concessions needed ◆ High orderbook attrition for those pushing hard on spread
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◆ Book holds together despite strong spread revision ◆ No concession needed for popular print ◆ Investors find safe haven in covered bonds
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Covered bonds to benefit from safe haven bids as Trump tariffs dampen unsecured supply
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After €1.25bn close to curve, Land's treasurer discusses reforms
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Machinery maker now has 20 relationship banks
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◆ Issuer strikes 'fine balance', prioritising size ◆ Pricing came in line with recent peers and KfW ◆ Have 10 year Länder bonds found their level?
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North Rhine-Westphalia will get "a lot of legroom" to expand investments, treasurer says
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Rising defence spending to create opportunities for lenders
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Bond prices 'will need to adjust' as markets gain more context on defence spending plans
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◆ Two German sub-sovereigns hit the screens ◆ Surprisingly positive week for Länder new issues ◆ Country's fiscal expansion plan expected to get final nod on Friday
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◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow
