LBBW

◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others

Streak of high-yielding FIG credit attracting ample demand has been broken

◆ Deal meets investor resistance despite higher yield ◆ Offers 'attractive yield' but book drops to just above €750m issue size ◆ German bank to refi early only Landesbank AT1 via tender

◆ Three banks show keen desire to close strategic capital deals before November ◆ 'Outsized bid for high beta' continues to drive buyers to tightly priced capital ◆ Belfius prices in euros and SEB goes for dollars

Abnormal trend expected to continue posing question for FIG treasury officials

◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced

◆ World Bank returns to five year dollars ◆ Rare IDA 10 year on offer in euros ◆ Supra open for business until year-end

◆ Bloc lands another €10bn-plus deal ◆ Book almost a record ◆ Both real and fast money show hands

◆ Last EARN benchmark from the supra this year ◆ Deal's success will be hard to replicate ◆ Issuer could prefund another €4bn

◆ Issuer one of a handful to issue euro floating rate notes ◆ Spreads wider than earlier in the year ◆ ‘There isn’t really a fair value’

◆ 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