Germany
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp -
◆ KEB Hana readies first non-European euro covered since October ◆ BSH to tap Pfandbrief demand ◆ Crédit Agricole plots public sector deal
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◆ German Land's issue sets new record ◆ Yield, spreads both attracted ◆ Both real and fast money keen to get paper
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◆ Pair attract €9bn of combined final demand ◆ Little to no premiums needed ◆ Deals already tighter in secondary
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Spread widening brings unexpected shift in orderbook composition in euros but other currencies tougher
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Development bank aims to continue early success in the dollar market next week
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Investors on the hunt for spread and yield, as market adjusts to lower interest rates
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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◆ German bank sells first euro Pfandbrief since October ◆ Investors send book to almost €6bn ◆ ‘Will price in range’ strategy attracts attention
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Lufthansa's low rated hybrid gets less enthusiastic reception than Enel's but still garners ample demand
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
