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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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◆ NRW.Bank opens euro account ◆ WIBank flat to fair value ◆ Saxony-Anhalt tightens -
◆ First five year dollar from the issuer since 2021 ◆ L-Bank print provided building block ◆ Further dollar deals planned
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◆ Bond priced flat to fair value ◆ 'Pros and cons' for tightening ◆ No-grow tactic deployed
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Market to come back strong after pausing for central bank meetings and Lunar New Year
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◆ Deal over 3x covered ◆ Peer supply 'only way to look at pricing' ◆ No-grow label helps deal
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◆ Deal four times covered ◆ Walloon used as reference ◆ Higher than average tightening
