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◆ Land NRW garners €4.5bn peak book ◆ Debt brake vote passes without issue ◆ Hamburg prepping Wednesday deal
◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
Pragmatism to the fore for issuers trying to price benchmarks in turbulent markets
Issuer expects second deal of same maturity in the autumn, while funding needs may change
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◆ Deal highlights Länder spread journey ◆ No price tightening ◆ Priced off KfW with minimal NIP -
◆ German state braves extreme spread volatility ◆ Deal was priced after government signalled higher Bund and Länder supply ◆ ‘Flip side for investors’ is much higher yield
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EGBs sell off as Germany tries to fund both infrastructure and defence through debt brake reform
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◆ Not covered but not uncommon ◆ Prices around 2bp through fixed rate curve ◆ More German state supply expected
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◆ Bond tightens 5bp from guidance ◆ Highest subscribed deal so far this week ◆ Relative value highlights issuer as 'strongest' Belgian region
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◆ Spanish region lands tight versus govvie ◆ Well sought-after deal despite squeezy spread ◆ Strong technical continues to support Spanish (and French) SSAs
