Germany

◆ Issuer fully covers €1bn no-grow deal ◆ Weaker sentiment dents Länder’s tighter pricing trend ◆ Would another 1bp make a difference?

◆ Media firm last issued in October ◆ Tariff talk impacts choice of window ◆ Deal finds strong demand and price move

◆ Issuer had market to itself on Tuesday ◆ Deal landed covered just outside fair value ◆ Issuer's first covered bond since October

◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week?

Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve

◆ German bank secured spread tightening across tranches◆ Banker said first tranche offered small NIP but second had nothing ◆ Tuesday’s deals failed to deliver the spectacular order books of last week

◆ German utility brings two tranches including green ◆ Orders prove more resilient in green tranche ◆ Both legs priced near fair value

◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread

Challenge for January fundraising is pricing and it is ‘very important’ to do it right, says issuer

◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered

Industrials, real estate and telecoms were sectors that saw an uptick in acquisition financings in 2025

◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday