Germany
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◆ German states find price sensitivity in latest transactions ◆ Bremen sticks, Hamburg twists — but orders drop ◆ KfW spread drives Länder love -
◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ Book falls €1.5bn from its peak ◆ Offers small pickup to SSAs ◆ Trade lands flat to fair value
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
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'No brainer' issuer set to price a seven year bond on Wednesday
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Borrower shows that triple-B rated names have no problem calling long distance
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German agency is now about 25% funded, and with greater currency diversification compared to last January
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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◆ High spread attracts credit focussed accounts ◆ Strong demand for covered return ◆ Deal spotted 5bp tighter in secondary
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Auto and real estate companies attract chunky demand for syndications
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp
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◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
