NordLB

◆ Issuer faces stiff competition ◆ First benchmark deal of the year ◆ Länder-KfW spread 'should be moving out again'

◆ First public SSA euro bond in weeks ◆ Deal has an unusual tenor ◆ Pricing ‘couldn’t have gone much tighter’

Monday was also the first day for new COO from UniCredit

Tone is ‘not exactly great’ for the primary SSA market this week

Head of funding talks to GlobalCapital after breaking a decade long absence from capital issuance ◆ Issuer looks at covered and senior deals next ◆ New tier two deal has been among strongest recent FIG performers

◆ NordLB prints rare tier two as Italian insurer readies one too ◆ BPER Banca goes longer in callable green SP ◆ BIL makes unusual splash outside of private markets with a three year FRN

◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label

Issuers stick to the Länder rule book to maximise pricing

German SSA supply set to continue in holiday-filled week

Deal was oversubscribed with €110m of lead manager orders

New sale landed with a limited new issue concession, bankers said

Germany SSA repricing needed but will Länder have to cheapen, or does KfW have room to tighten — and when?