NordLB
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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' -
◆ Danish lender prints €750m for the first time ◆ Backed by its largest real money participation, the deal achieves Jyske's largest book
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◆ 'Good outcome' for German states ◆ Spread to KfW tighter for longer maturities ◆ Prices tighter than 10 year deals from peers
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels
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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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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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◆ Berlin deal “full success” ◆ Länder segment expected to keep busy ◆ Rhineland-Palatinate prints big, retains bonds
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◆ Expectations of size in a range ◆ Pricing in the mid to low 30s anticipated ◆ Issuers have a preference for shorter green deals
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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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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Wallonia and Hamburg tap bonds as bloc mandates tenth syndication
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◆ ‘Pragmatic’ issuer prices at new found level ◆ KfW bonds used as building block for pricing ◆ Deal should give ‘encouragement’ to others
