Helaba
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◆ Länder's 10 year 10bp back from KfW ◆ Deal over three times covered ◆ Trade 'could encourage' further German state issuance -
◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
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◆ Some premium paid to print at size ◆ Deal 'ticked the boxes' for issuer ◆ 'Froth leaving the market' say bankers
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◆ Prices 15bp through peer ◆ Fair value not easy to calculate ◆ IFB Hamburg prints too
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
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◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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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
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◆ 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
