LBBW
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◆ Deal follows recent tier two success ◆ Issuers 'need to be fair' when approaching market ◆ LBBW announces Berlin Hyp rebrand -
◆ Issuer scales back size target ◆ Hesse was ‘doing the sensible thing’ ◆ Both short and long-end euros tricky to navigate
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◆ Limited sized deal attracts ‘very good book’ ◆ ESM curve tight, E-supra bonds referenced ◆ €2bn left to do this year
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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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◆ Savings banks interested in novel technology ◆ ‘Vivid’ secondary market anticipated ◆ Lack of LCR and ECB eligibility a hindrance
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◆ Regular Australian dollar presence planned ◆ Asian, Aussie and Kiwi investors dominate ◆ Premium paid over euro funding
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◆ The A$750m deal, bankers say, shows rise in European Kangaroos ◆ Deal clears despite heightened volatility elsewhere ◆ Oversubscription concentrated in one tranche
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German state launches oversubscribed €500m deal close to secondary curve
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IADB taps sterling while two other issuers mandate for new issues
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◆ German bank starts touring to showcase its new Australian dollar programme ◆ Debut Kangaroo may follow soon ◆ A benchmark deal has potential for record size in currency
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Issuer gets three times oversubscription in a trade that bankers said would hopefully ‘give people confidence’
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
