Germany
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds -
◆ 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
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals
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Company in tricky chemicals sector saw almost eight times demand
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Investors expect the chemicals sector to face challenges during 2025
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◆ Deal to be the first euro Pfandbrief since October ◆ Five year a popular tenor with all except insurers ◆ Fair value considerations revealed
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One or two German speaking issuers could issue this week
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◆ German agency joins SSA sterling party ◆ Rare £1bn-plus book ◆ More sterling supply to come
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Mortgage growth and investor interest to fuel Pfandbriefe next year
