TD Securities
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◆ State raises €625m as markets sink ◆ Spread hungry bank treasuries drive demand ◆ 7.5bp pickup over KfW -
◆ First euro deal from Candian province hits 'perfect storm' ◆ BNG and AFD print 15 years ◆ All tighten by at least 3bp
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◆ Four issuers out in dollars, three in the same maturity ◆ Swap spread moves foil tightening potential ◆ Deals getting done, but market isn't 'white hot'
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◆ Hamburg prices with 1bp of NIP ◆ Länder orderbooks growing ◆ More deals to follow
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◆ Backlog of German issuers looking to print ◆ State set to print while reforms put to vote ◆ Lower Saxony covers deal well
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◆ Prices tight to US Treasuries ◆ Swap spreads move during bookbuilding ◆ It would 'not have been good' to be in euros
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◆ Deal makes ‘good sense’ from an arb perspective ◆ First time out in sterling for more than a year ◆ £350m deal size larger than expected
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◆ ‘Huge’ euro success after record dollar deal ◆ Another record broken ◆ Issuer now 35% funded
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◆ 'First window' for 10 year dollar supply ◆ Deal over twice covered ◆ Pricing tightens 2bp
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◆ Nimble move pays off ◆ Demand alive and strong after busy Jan ◆ £1.75bn book size 'no mean feat'
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US money center bank's perp propels systemically important firms' January issuance to near-$49bn monthly record
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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'
