LBBW
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◆ German states are performing well ◆ Placing fair value for the Länder segment is hard ◆ 15-year deal tightened 3bp -
◆ 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
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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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◆ 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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◆ New issue concession debated ◆ Rival bankers highlight premium to private placement ◆ Tuesday expected to be 'super busy'
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◆ LBBW to price senior FRN soon ◆ A Friday euro FIG deal ‘cannot be ruled out’ ◆ Crédit Agricole makes ‘smart move’ to tap US dollars
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◆ Deal confirms 'fair price for Bundesländer' ◆ 6bp pick up over KfW ◆ Things are looking up for January
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◆ Two day execution ensures T+0 settlement ◆ Goldman Sachs acts as platform provider ◆ Second recent exloratory project
