NordLB
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◆ Record book for the German state ◆ Länder-KfW spread now much healthier ◆ Strong bid for German assets at current levels -
◆ 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
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ No book updates given ◆ German peer suffers the same fate ◆ Screen levels may have led to undersubscription
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◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value
