---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-9
type: dd_research
language: en
updated: 2026-09-28
keywords: Renten, Weekly Market Update_englisch
---

# SSAs and Financials: Weekly Market Update

Focus on: SSAs & Financials 25 April 2024 © Helaba | Research & Advisory | 25 April 2024 1 of 7 Research & Advisory Weekly Market Update Primary market environment: Risk aversion related to tensions in the Middle East has eased somewhat recently. Preliminary purchasing managers' indices in the eurozone, as well as the IFO business climate in Germany, confirm the picture of a gradual recovery in economic development over the course of the year. Overall, primary market activity is likely to continue. After a temporary period of weakness, the proportion of green in our heat map has visibly increased again. The picture has brightened for SSAs in particular. Primary market barometer With an issuance volume of EUR 17.75 billion, the previous week (EUR 0.75 billion) was clearly eclipsed. The emerging stronger issuance momen- tum, with mostly high oversubscrip- tions, shows that the primary market remains constructive. Despite the fundamental receptive- ness of the primary market, the issue volume this week was relatively low at just EUR 1.5 billion - spread over 3 transactions of EUR 500 million each. The downward trend in secondary turnover was also confirmed. The current bank reporting season and the associated blackout period are significantly slowing primary mar- ket activity. Nevertheless, the underly- ing sentiment in the segment is posi- tive again. The starting gun has been fired for a return to risk-on mode. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Relaxation Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: LSEG, Helaba Research & Advisory IBOXX EURO 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany -0,01 0,10 -0,10 0,63 2,33 3,86 European Union -0,11 -0,05 -0,23 0,09 0,84 2,83 Germany Covered -0,08 -0,03 -0,17 0,13 2,06 2,84 EU Covered -0,09 -0,05 -0,26 -0,34 1,19 2,75 Banks senior preferred -0,05 -0,09 -0,19 -0,40 -0,42 0,55 Banks senior bail-in (SNP) -0,06 -0,16 -0,15 -0,43 -0,83 -0,10 Banks subordinated -0,05 -0,28 -0,22 -0,44 -1,31 -0,45 Supranational -0,11 -0,04 -0,20 0,14 1,00 2,88 Agencies -0,11 -0,05 -0,19 0,22 2,00 3,67 Sub-Sovereigns Germany -0,06 -0,01 -0,07 0,13 0,79 1,18 Sub-Sovereigns -0,11 -0,06 -0,21 0,13 1,02 2,20 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 2 of 7 SSAs Spreads in the Euro SSA market remain well supported as levels above Bunds have improved due to the continued outperformance of Bunds versus swaps. The outperformer remains the EU curve, which has tightened considerably since the beginning of the year and continues to see good client demand in the current environment. The primary market in the SSA segment started this week on Monday. The State of Berlin successfully placed a 5- year (long) bond. The book was very well oversubscribed at EUR 2.1bn and the issuer decided to issue EUR 1.25bn. As expected, the focus on Tuesday was on the EU. A double tranche was issued with a 3-year bond (EUR 4bn) and a tap on the April 2044 bond (EUR 4bn). Both tranches were well oversubscribed at EUR 37bn and EUR 59bn respec- tively. The final spreads thigtened by 2 bp to MS - 6 bp and by 3 bp to MS + 66 bp. On the same day, Hamburg suc- cessfully issued a EUR 500m public sector bond (8 years, WNG). It was three times oversubscribed and the spread tightened by 2 bp to MS+12 bp. On Wednesday, the State of Rhineland-Palatinate (EUR 1bn, EUR 250m retained by the issuer, 10 years) and the EIB (EUR 5bn, 7 years) took advantage of the constructive environment with a Landesschatzanweisung. The EIB book was 7.4 times oversubscribed and the spread eventually thigtened by 2 bps to MS +12 bps. Unedic's EUR 1bn 10-year social bond was issued with a bookbuilding of EUR 12.7bn. Caisse des Depots et Consignations (CDC) successfully closed on Thursday, after a relatively active week in terms of issu- ance. Outlook: The constructive environment remains attractive for issuers. We expect issuance activity to continue, including in other federal states. Covered Bonds DZ Hyp opened the covered bond segment on Tuesday. The largest issuer of mortgage bonds came to market with a benchmark (EUR 500m, 8.1 years, WNG). With total demand of over EUR 2.5 bn, the final spread tightened by 8 bp to MS + 29 bp compared to the marketing. The issuer's last issues in January and February "only" tightened by 4 bp and 6 bp respectively. Both the maturity chosen and the level of the final spread were well received by investors. This week also saw the return to the primary market of Finland's SP Mortgage Bank for the first time since October 2022. The EUR 500m (WNG) 7-year covered bond was 3.6 times oversub- scribed. The spread tightened by 8 bps to MS +40 bps versus guidance. Sweden's Länsförsäkringar Hypothek AB (LF Hypothek) (EUR 500m, 6 years, WNG) successfully closed this week's issue today with another significant over- subscription (EUR 1.5bn). The downward trend in secondary sales has been confirmed. Obviously, major players are taking a more neutral stance on bids, as we expected. The market seems to be moving sideways. This is particularly true of the curve points below the ultra-long end Outlook: Issuing activity has been modest this week. However, this should change once the blackout period is over. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% Berlin Aa1 /AAA/AAA 1,250bn 15.05.2029 ms +7 bps 22.04.2024 2,110bn ms + 8 area 2,875% Hamburg - /-/AAA 0,500bn 30.04.2032 ms +12 bps 23.04.2024 1,500bn ms +14 area 2,875% EU Aaa /AA+/AAA 4,000bn 06.12.2027 ms -6 bps 23.04.2024 37,000bn ms -4 area 4,000% EU Aaa /AA+/AAA 4,000bn  04.04.2044 ms +66 bps 23.04.2024 59,000bn ms +69 area 3,000% Rheinland-Pfalz - /-/AAA 1,000bn 02.05.2034 ms +17 bps 24.04.2024 1,300bn ms + 18 area 2,875% EIB Aaa /AAA/AAA 5,000bn 15.10.2031 ms +12 bps 24.04.2024 37,000bn ms + 14 area 3,125% UNEDIC Aa2 /-/AA 1,000bn 25.11.2034 FRTR +7 Bp  24.04.2024 12,700bn FRTR + 10 area 3,000% Caisse des Depots et Consignations Aa2 /AA/- 1,000bn 25.05.2029 ms +16 bps 25.04.2024 11,000bn FRTR + 20 € SSAs issues week of 22 April 2024 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 3 of 7 Senior Unsecured In the senior segment, we have seen EUR 3,05 bn of issuance so far this week. These were all Euro- pean senior preferred issues and one Canadian EUR senior issue from the National Bank of Canada. With the financials still in the midst of their reporting season, the primary market remained relatively quiet overall. Recent new issues, whose secondary performance recently showed upside potential, are now trading closer to re- offer on the back of positive sentiment. For example, Santander's latest non-pref issues (SANTAN 3.875% 04/22/29 and SANTAN 4.125% 04/22/34) were both priced 11bps tighter to reoffer. However, investor flows remained below average last week. Although the majority have recently returned to the buy side, there is still a healthy respect for the recent geopolitical tensions. According to our trading, asset man- agers have recently remained on the sell side for maturities up to 2030, but on the buy side for medium maturities from 2026 to 2029. In order to free up lines for upcoming new issues, the trading desks started to unwind larger positions in short maturities and floaters. Outlook: We expect issuers in this segment to remain cautious in the coming days and weeks due to blackout pe- riods. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% DZ HYP AG Aaa /AAA/- 0,500bn 31.05.2032 ms +29 bps 23.04.2024 2,600bn ms +37 area 3,250% Sp Mortgage Bank Plc - /AAA/- 0,500bn 02.05.2031 ms +40 bps 24.04.2024 2,000bn ms + 48 area 3,125% Länsförsäkringar Hypotek AB Aaa /AAA/- 0,500bn 03.05.2030 ms +28 bps 25.04.2024 1,900bn ms + 36 area 3m€ + 18 Bp Nationwide Building Society - /AAA/AAA 0,500bn 02.05.2027 ms +18 bps 25.04.2024 2,100bn 3m€ + 27 area 3,309% Nationwide Building Society - /AAA/AAA 0,500bn 02.05.2034 ms +38 bps 25.04.2024 1,950bn ms + 46 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 22 April 2024 "At the ultra-long end of the covered bond universe, swap spreads are now very tight compared to EU bonds. As a reminder, yesterday the EU increased its 4% April 2044 maturity by €4bn at I+66. The premium over French covered bonds is therefore almost double-digit! The market is currently still taking this phe- nomenon in its stride. Cross-asset transactions cannot be observed - apparently due to the static ownership structure of the covered bonds - due to a lack of liquidity." Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 4 of 7 Chart of the Week Over the past five years, Pfand- brief issuance has exceeded ma- turities, as shown by VDP data. The total number of Pfandbriefe in circulation increased slightly again in 2023. This was mainly due to the increase in mortgage Pfandbriefe, which totalled EUR 263.9 bn in the fourth quarter of 2023 after EUR 252.9 bn in the fourth quarter of 2022. How- ever, the volume of public sector Pfandbriefe outstanding de- creased to EUR 102.1 billion from EUR 108.4 billion in the same period of the previous year. The excess cover ratios of the Pfandbriefe in circulation increased in both segments to 36.7% (32.7%) and 44.3% (36.4%) respectively. One reason for issuers' preference for covered securities may be the redemption of bonds from the central banks' liquidity programmes. The issuance of covered bonds is also an attractive option compared to other bond refinancing instruments. New issuers entered the primary market for the first time and also contributed to the increase in the number of Pfandbriefe in circulation. According to vdp/Bloomberg, DZ Hyp had the largest volume of Pfandbriefe in circulation at EUR 44.6bn at the end of 2023. It was followed by Com- merzbank (37.7bn), Münchener Hyp (36.5bn), UniCredit Bank (30.9bn) and Helaba (29.9bn). Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 5,000% Eurobank S.A. Ba1 /BB-/BB 0,650bn 30.04.2030 5,00% 23.04.2024 1,350bn 5,25% area 4,971% Tatra Banka a.s. A3 /-/- 0,350bn 29.04.2030 ms +210 bps 23.04.2024 2,200bn ms + 260 area 4,750% Hamburg Commercial Bank AG A3 /-/- 0,500bn 02.05.2029 ms +190 bps 24.04.2024 1,750bn ms + 220 area 5,000% Bank of Cyprus Ba3 /BB-/- 0,300bn 02.05.2029 5,00% 24.04.2024 1,350bn 5,5% area 3m€ +38 Bp SEB Aa3 /A+/AA 0,750bn 03.05.2027 ms +38 bps 25.04.2024 1,250bn 3m€ +65/70 Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 22 April 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,750% National Bank of Canada A3 /BBB+/A+ 0,500bn 22.04.2029 ms +85 bps 23.04.2024 0,620bn ms +105 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 22 April 2024 „Following the rally in equity prices on the back of mostly positive quarterly reports, sentiment in the credit segment has also returned to positive territory. The news of a delayed interest rate cut by the US Federal Reserve seems to have been digested or priced in. The lack of a response from Iran to the Israeli retaliation last Friday night, which was interpreted as a "de-escalation", provided some relief and the recent widening of credit spreads, especially since the beginning of the week, has been used to hunt for bargains and signal the start of a return to risk-on mode.” Comment from the Helaba trading floor Pfandbrief circulation up overall Pfandbriefe outstanding in billion euros (vdp member institutions) Sources: vdp, Helaba Research & Advisory 0 100 200 300 400 500 600 700 800 0 100 200 300 400 500 600 700 800 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q4 2023 Public Pfandbriefe Mortgage Pfandbriefe Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 5 of 7 Short news 4/25 Covered Bond Label Boosts Transparency and Comparability: As the lighthouse for transpar- ency in the covered bond market, the Covered Bond Label Foundation (CBLF) is pleased to announce that it has developed and launched a new online Cover Pools (HTTs) Comparison Tool. The Cover Pools (HTTs) Comparison Tool allows users to select several HTTs from labelled issuers and use these to present graphs and charts comparing the specific characteristics and underlying cover assets of the related cover pools, as well as al- lowing downloads of all selected HTTs with a single click. \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 195 3,59% 3,13% iBoxx € Cov. Germany 26,1 -0,6 -2,7 iTraxx Senior Financial 64,9 -5,1 0,8 10Yr-Yield 2,59 0,12 0,29 iBoxx € Cov. Bonds 31,6 -0,9 -3,6 iBoxx € Supranational 29,0 -1,2 -4,4 Swap 10J 2,89 0,12 0,31 iBoxx € Banks PS 66,3 -2,9 -5,8 iBoxx € Agencies 15,3 -0,7 -3,0 iBoxx € Germany -18,84 0,75 -2,19 iBoxx Banks NPS 86,9 -5,5 -5,5 iBoxx € Sub-Sov. Germany 22,5 -0,8 -2,7 iBoxx € EU 34,54 -1,54 -5,88 iBoxx Banks Subordinated 141,9 -11,3 -10,8 iBoxx € Sub-Sovereign 37,0 -1,5 -4,5 Leisure tip for the weekend: Starkenberg Adventure Park (Thuringia) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: www.erlebnispark-starkenberg.de The community of Starkenberg is located in the heart of Thuringia. This is where the amusement park is located. Come and be enchanted by wild ani- mals in their natural habitat. Go on your own personal safari and cuddle with the elephants. Trained staff are on hand to answer any questions you may have about the animals. Special attention is paid to the conservation of many endangered species. In the idyllic landscaped grounds you can feel the harmonious coexistence between animals and humans and consciously experience a piece of nature. Find out more: Adventure Park Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 6 of 7 Chartbook SSAs, Covered Bonds, Senior Unsecured Senior Unsecured: Primary volumes Senior Unsecured: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: LSEG, Helaba Research & Advisory 0 20 40 60 80 100 120 0 20 40 60 80 100 120 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2023 Senior Non-preferred 2023 Senior Preferred 2024 Senior Preferred 2024 Senior Non-preferred 0 50 100 150 200 250 0 50 100 150 200 250 04/23 06/23 08/23 10/23 12/23 02/24 04/24 Banks Subordinated Banks Senior Bail-in Banks Senior Preferred Covered Bonds: Primary volumes Covered Bonds: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: LSEG, Helaba Research & Advisory 0 20 40 60 80 100 120 140 160 180 200 220 0 20 40 60 80 100 120 140 160 180 200 220 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2023 2022 2024 0 5 10 15 20 25 30 35 40 0 5 10 15 20 25 30 35 40 04/23 06/23 08/23 10/23 12/23 02/24 04/24 EUR Covered Covered Germany SSAs: Primary volumes SSAs: Spread development EUR benchmark issue volume cumulative by weeks, bn EUR ASW spread, bp Sources: Bloomberg, Helaba Research & Advisory Sources: LSEG, Helaba Research & Advisory 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 2022 2024 2023 -5 5 15 25 35 45 -5 5 15 25 35 45 04/23 06/23 08/23 10/23 12/23 02/24 04/24 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 25 April 2024 7 of 7 News from Research & Advisory  Focus on Credit: “Primary market update EUR benchmark bank bonds Q1 2024”:  Focus on Credit: "Corporate Schuldschein: Primary market Q1 2024  Focus on Covered Bonds: APAC Covered Bonds: "Popular securities, limited supply"  Focus on Credit – MayorEuropean Banks: Heading into 2024 with strong credit risk buffers  Focus on: Credit - Primary market update bank bonds  Focus on: Credit – Primary market update corporate bonds  Focus on: Credit – Primary market update Schuldschein  Focus on: Credit – European banks: The sharpening contours of ESG disclosure  Markets & Trends 2024 – Global economy in a transition game Please feel free to contact us Publisher and editorial office Helaba Research & Advisory Editor: Sabrina Miehs Corporate Research & Advisory Responsible: Dr. Gertrud R. Traud Chefvolkswirtin/ Head of Research & Advisory Neue Mainzer Str. 52-58 60311 Frankfurt am Main T +49 69 / 91 32 – 20 24 Internet: www.helaba.com Disclaimer This publication has been prepared with the greatest care. However, it contains only non-binding analyses and forecasts of current and future market conditions. The information is based on sources which we consider to be reliable, but for whose accuracy, completeness or up-to-dateness we cannot assume any liability. All state- ments made in this publication are for information purposes only. They must not be understood as an offer or recommendation for investment de- cisions. Here you can subscribe to our newsletter: https://news.helaba.de/research/ Dr. Susanne Knips Senior Credit Analyst T 069/91 32-32 11 Sabrina Miehs, CESGA Head of FI & SSA Research Senior Advisor Sustainable Finance T 069/91 32-48 90 Christian Schmidt Covered Bond & SSA Analyst T 069/91 32-23 88

SSAs: Significant increase in issue volume. Covered bonds: Declining trend in secondary sales confirmed. Senior Unsecured: Blackout period slows primary market activity. Chart of the week: Pfandbrief circulation up overall.