Germany
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‘Difficult’ few weeks ahead as negative Bund-swap and wide SSA spreads take toll -
Public sector bankers concerned as political drama in Europe’s biggest economy unfolds
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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Investment grade companies issue €20bn of euro bonds this month
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Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
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◆ Final books not disclosed ◆ Small premium paid for tight trade ◆ Some investors face line limits
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◆ BNP Paribas readies first covered of 2024 ◆ French firm appoints 12 bookrunners ◆ MunHyp to benefit from reshaped yield curve
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Company has not drawn back up line once in almost two decades
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Triple oversubscription drives price 15bp inside initial guidance
