LBBW
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◆ Joint Länder trade raises €1bn ◆ JLMs help cover deal ◆ EGB sell-off deepens -
◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens
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◆ Bond priced flat to fair value ◆ 'Pros and cons' for tightening ◆ No-grow tactic deployed
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◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
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◆ Book halves after tightening ◆ Bond prices at fair value ◆ Tightening by 1bp could 'kill a trade for the German states right now'
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◆ 'Extremely strong' euro market ◆ Trump inauguration creates good window? ◆ Relative values drive book
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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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◆ Price discovery and issuer frequency impacts LBBW SNP offering ◆ KBC order book holds firm ◆ Less frequent issuers drive second wave of issuance
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◆ Bloc takes more than bankers anticipated ◆ Triple-digit orderbook for long-dated tap ◆ Bankers agree on fair value
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◆ Rival bankers disagree on fair value ◆ Technicals favour senior-non preferred ◆ LBBW mandates euro SNP 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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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
