Helaba
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◆ Landesbank balances size and price aspirations ◆ Rising geopolitical tensions drive up new issue premium ◆ Spread tightened by less than on recent deals to keep investors in the book -
◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate
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◆ Issuer sells euro bond on FOMC day ◆ Screen pricing ‘makes little sense’ ◆ Other comps helped price discovery
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◆ Issuer faces stiff competition ◆ First benchmark deal of the year ◆ Länder-KfW spread 'should be moving out again'
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◆ Ten year Länder paper widens against KfW ◆ Deal strikes balance between size and price ◆ Investors on board despite deeply negative OAT spread
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Novotny-Farkas is understood to be joining another bank in Germany with similar responsibilities
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Issuer decided not to delay but leads say ‘something’s missing’ about the market
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German issuer wants to issue dollar five year, euro 10 year, and sustainable deals before year-end
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Issuers stick to the Länder rule book to maximise pricing
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French agency capitalises on rare capital market visit
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Widening Bund swap spreads draws bid back to paper
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Deal was oversubscribed with €110m of lead manager orders
