Previously unknown NIEDERSACHSEN INVEST made a successful market debut last Monday, establishing not one but two points on the curve with a deal that stood out compared to recent supply from the country. While several German transactions of late have seen no movement in spreads from initial guidance and order books that were not fully subscribed, Niedersachsen's five-year and 15-year notes had no such issues with impressive levels of demand allowing for a 5bp tightening of each tranche. Bookrunners Deutsche Bank, DZ BANK, HSBC and LBBW were able to land the €500m July 2025 note at 10bp over swaps and the €700m July 2035 bond at plus 25bp. The final book was more than €1.9bn at the reoffer spread for the five-year note and more than €1.6bn for the 15-year, both excluding lead interest.
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机译：此前未知的Niedersachsen投资于上周一取得了成功的市场首次亮相，建立了曲线上的两点，而与该国最近的供应相比脱颖而出。虽然近期的德国德国交易在没有完全订阅的初步指导和订单书中没有进入的差异，但Niedersachsen的五年和15年的票据没有令人印象深刻的需求水平的问题，允许每个人的5BP紧缩。 Bookrunners Deutsche Bank，DZ Bank，汇丰银行和LBBW能够降落于7月2025欧元的互惠互惠互惠和700 000万欧元2035欧元债券，加上25BP。最后一本书在为期五年票据的重点差价超过1.9亿欧元，均为15年的铅兴趣超过1.6亿欧元。
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