---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-25
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 4 January 2024 © Helaba | Research & Advisory | 4 January 2024 1 of 6 Research & Advisory Weekly Market Update Primary market environment: Incidents in the Red Sea, the attack in Iran with numerous deaths and injuries and the worsening situation in Israel are weighing on market sentiment. In addi- tion, there is talk of possibly over-exaggerated expectations of interest rate cuts. The market environment is challenging. Many investors and traders are de-risking in light of the news. Primary market barometer The SSA segment got off to a good start with ample volumes and high demand. However, as was the case at the end of last year, state emissions show that pricing and the pricing process play a key role. Strong start in the covered bond seg- ment: 14 bonds for a total of EUR 13.25bn in 3 days. No less than 5 banks have tested and successfully implemented the 7-year maturity. Is- sue premiums are generally high and peaked at 10 bp. Issuers are wasting no time in starting the year with a flurry of new issues. As usual, some heavyweights are the first to raise capital. Transactions reach sizeable volumes. However, rising ten- sions in the Middle East weigh on sen- timent towards the middle of the week and secondary market performance remains weak. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Predominantly in risk-off mode Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: LSEG, Helaba Research & Advisory IB OXX EUR O 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0.08 0.19 0.20 0.69 0.90 1.23 European Union 0.07 0.07 0.15 0.38 0.96 3.01 Germany Covered 0.01 -0.02 0.18 0.81 2.12 2.94 EU Covered -0.01 -0.03 0.08 0.48 1.51 2.88 Banks senior preferred 0.15 0.20 0.13 0.02 0.20 2.03 Banks senior bail-in (SNP) 0.23 0.28 0.24 -0.09 -0.25 1.82 Banks subordinated 0.13 0.15 -0.23 -0.74 -0.47 1.65 Supranational 0.04 0.01 0.13 0.41 1.08 2.84 Agencies 0.08 0.18 0.12 0.59 1.01 2.06 Sub-Sovereigns Germany -0.01 -0.06 0.11 0.36 0.55 0.29 Sub-Sovereigns 0.05 0.03 0.12 0.49 0.84 1.63 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 January 2024 2 of 6 SSAs The SSA segment started the year with a colourful bouquet of 9 bonds. German issuers led the field in terms of number of issues and - mainly due to KfW's coveted EUR 9bn dual tranche - in absolute terms, with the states of Lower Saxony and Mecklenburg-Western Pomerania, as well as KfW and Landwirtschaft- liche Rentenbank (tap). The Netherlands was joined by Neder-landse Watershapsbank and BNG with sustainable and social bonds, flanked by the Asian Development Bank (Green Bond) and KfW. Development Bank (green bond) and the Council of Europe Development Bank. The 10-year maturities were a factor in the range of maturities of- fered, but overall all transactions sold well to very well. Only the State of Mecklenburg-Western Pomerania's 8-year issue struggled with an initial guidance (marketing spread) of 11bp but ultimately managed to complete the trans- action solidly. Outlook: The primary market environment is constructive. Given the high funding volumes announced by SSA is- suers (e.g. EIB EUR 60 bn, CADES EUR 20 bn, AFD EUR 8-9 bn), we expect strong issuance activity next week. The EFSF has invited banks to submit RfPs for an upcoming transaction. The next EU issue is scheduled for the week of 22 January. Covered Bonds As expected, the Covered Bond market has entered the usual seasonal primary market phase at full speed. The high number of 14 transactions so far, including 4 dual tranches, is certainly not surpris- ing. The focus of the projects has also shifted up the yield curve, with 7 years dominating the market. The two French issuers, Credit Agricole Home Loan SFH and CRH, have shown that 10-year maturities are once again a good option. The results to date are certainly constructive (order book volumes, final results and, finally, the first quotes on the secondary market). An outlier was the Aareal Bank benchmark with a long 4-year maturity, which struggled somewhat. A lower limit framework among investors certainly plays a role here. There is also much to suggest a continuing trend towards selective investment behaviour, not only at country level but also in terms of individual names. EUR 2.5bn of the total EUR 13.25bn of new issuance in the first week of the year came from three green bonds, with Credit Agricole Home Loans SFH's EUR 1.25bn 10-year tranche being the largest. UniCredit Bank Austria Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2.625% Niedersachsen - /-/AAA 1.000bn 09.01.2034 ms +15 bps 02.01.2024 1.550bn ms + 15 area 2.375% KFW Aaa /AAA/- 6.000bn 05.08.2027 ms -5 bps 03.01.2024 19.500bn ms -3 area 2.625% KFW Aaa /AAA/- 3.000bn 10.01.2034 ms +13 bps 03.01.2024 27.000bn ms +15 area 2.550% Asian Development Bank Aaa /AAA/AAA 1.250bn 10.01.2031 ms +12 bps  03.01.2024 2.000bn ms +13 area 2.625% Nederlandse Watershapsbank Aaa /AAA/- 1.250bn 10.01.2034 ms +26 bps  03.01.2024 1.850bn ms +27 area 2.750% BNG Aaa /AAA/AAA 1.250bn 11.01.2034 ms +26 bps  04.01.2024 1.500bn ms + 27 area 2.550% Mecklenburg-Vorpommern - /-/AAA 0.500bn 12.01.2032 ms +11 bps 04.01.2024 0.800bn ms + 11 area t.b.d. Council of Europe Development Bank Aa1 /AAA/AA+ 1.500bn 11.01.2034 ms +20 bps 04.01.2024 2.700bn ms +22 area 0.000% Landwirtschaftliche Rentenbank Aaa /AAA/AAA 0.500bn  13.12.2028 ms -1 bps 04.01.2024 0.510bn ms - 1 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 2 January 2024 "In the secondary market, there are occasional swaps from "old" to "new". However, this does not lead to ma- jor distortions. Combined with a subsequent performance of new issues of up to 2 basis points, new and old bonds tend to converge on both sides. Turnover is, however, rather moderate. In the coming days and weeks, the market will continue to work its way through the primary market, setting the first reliable price points for the rest of the year." Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 January 2024 3 of 6 achieved the highest oversubscription rate of 3.3 times with its EUR 750 million green bond at a bid spread of 47 bp (guidance: 55 bp). NORD/LB issued the first green Pfandbrief of the year (EUR 500 million). The bond generated demand of around EUR 850 million with a final spread of 38 bp (guidance: 42 bp). Outlook: After the first series of major issuers entered the primary market this short week, other well-known issu- ers will do the same next week. By then, all market participants will have returned from the Christmas holidays and trading volumes are likely to pick up again. Senior Unsecured Issuers are wasting no time in starting the year with a flurry of new issues. As usual, some heavy- weights are the first to tap fresh capital. Transactions are reaching very sizeable volumes. High initial price indications are shown to ensure execution. Bid spreads are pleasingly tighter in some cases, but secondary market performance is weak as market sentiment deteriorated towards the middle of the week. Noteworthy are the relatively long maturities, which are being rewarded by investors against the backdrop of the current interest rate peak. Banco Santander raised an impressive EUR 5.4bn on the first trading day. It split the transaction into three tranches with four, six and ten-year maturities and a preferred ranking. BPCE issued EUR 3.25bn in a dual non-pre- ferred tranche, of which EUR 1.85bn had a maturity of 11 years. Other names that have entered the primary market so far this week include top names such as BNP Paribas, UBS Group and Barclays. The total volume of EUR 12.75 billion was split into EUR 7.0 billion preferred and EUR 5.75 billion non-preferred. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2.750% LBBW Aaa /-/- 0.750bn 12.03.2031 ms +30 bps 02.01.2024 1.250bn ms + 35 area 2.750% Commerzbank AG Aaa /-/- 1.000bn 11.01.2027 ms +23 bps 02.01.2024 1.690bn ms + 27 area 2.750% Commerzbank AG Aaa /-/- 1.000bn 09.01.2031 ms +38 bps 02.01.2024 1.440bn ms + 42 area 2.875% Erste Group Bank AG Aaa /-/- 1.000bn 09.01.2031 ms +50 bps 02.01.2024 2.000bn ms + 57 area 2.750% DZ HYP AG Aaa /Aaa/- 0.750bn 28.02.2031 ms +33 bps 03.01.2024 1.140bn ms +37 area 2.875% UniCredit Bank Austria AG Aaa /-/- 0.750bn 10.11.2028 ms +47 bps  03.01.2024 2.450bn ms +55 area 2.750% Credit Agricole Home Loan SFH SA Aaa /AAA/AAA 1.250bn 12.01.2029 ms +30 bps 03.01.2024 1.650bn ms +35 area 2.875% Credit Agricole Home Loan SFH SA Aaa /AAA/AAA 1.250bn 12.01.2034 ms +50 bps  03.01.2024 1.900bn ms +55 area 2.875% Aareal Bank AG Aaa /-/- 0.500bn 10.05.2028 ms +52 bps 03.01.2024 0.500bn ms +52 area 2.625% ING Bank N.V. Aaa /AAA/AAA 1.250bn 10.01.2028 ms +25 bps 03.01.2024 1.400bn ms +30 area 2.750% ING Bank N.V. Aaa /AAA/AAA 1.250bn 10.01.2032 ms +39 bps 03.01.2024 1.700bn ms +45 area t.b.d. NORD/LB Aa1 /-/- 0.500bn 13.01.2031 ms +38 bps  04.01.2024 0.850bn ms + 42 area t.b.d. Caisse de Refinancement de l’Habitat Aaa /-/AAA 1.250bn 12.01.2029 ms +36 bps 04.01.2024 2.400bn ms + 42 area t.b.d. Caisse de Refinancement de l’Habitat Aaa /-/AAA 0.750bn 12.01.2034 ms +49 bps 04.01.2024 1.350bn ms + 55 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 2 January 2024 „Secondary market performance was underwhelming. Issuers' outstanding bonds widened by 7-10bp on Wednesday alone. French non-preferred bonds traded +12 bp yesterday. US HoldCo bonds were the under- performer with +15bp. Secondary trading remains quiet overall, with many investors still on holiday. The strong year-end performance is doing the rest and cash is consolidating overall. Selective purchases of 2024 new issues are being priced extremely aggressively by dealers to reduce risk.“ Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 January 2024 4 of 6 Outlook: After a record year in 2023 with a primary market volume of around EUR 206bn in senior unsecured bonds, no slowdown is expected in 2024. In particular, high maturities and declining customer deposits will en- sure high funding needs for issuers. Due to seasonal factors, a large proportion of the issuance will be placed in the first few weeks, so we expect high activity to continue in the coming days. \* Closing prices from the previous day Sources: LSEG, Helaba Research & Advisory Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.750% Banco Santander, S.A. A2 /A+/A 1.500bn 09.01.2034 ms +130 bps 02.01.2024 2.600bn ms + 155 area 3.500% Banco Santander, S.A. A2 /A+/A 1.250bn 09.01.2028 ms +95 bps 02.01.2024 1.600bn ms + 115 area 3.500% Banco Santander, S.A. A2 /A+/A 1.000bn 09.01.2030 ms +115 bps 02.01.2024 1.200bn ms + 135 area t.b.d. Banco de Sabadell SA - /BB+/BBB- 0.750bn 15.01.2030 ms +160 bps 04.01.2024 2.600bn ms + 185 area t.b.d. NatWest Markets Plc A1 /A-/A+ 1.750bn 09.01.2026 ms +60 bps 04.01.2024 2.700bn 3m€ + 90 area t.b.d. NatWest Markets Plc A1 /A-/A+ 0.750bn 09.01.2029 ms +120 bps 04.01.2024 2.100bn ms + 145 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 2 January 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.875% Danske Bank A/S Baa2 /BBB+/A+ 0.750bn 09.01.2031 ms +142 bps 02.01.2024 1.250bn ms + 165 area 4.042% BNP Paribas SA Baa1 /A-/A+ 0.750bn 10.01.2032 ms +160 bps 03.01.2024 not disclosed ms +170/175 4.125% UBS AG A3 /A-/A 1.250bn 09.06.2033 ms +175 bps 03.01.2024 4.000bn ms +205 area 4.506% Barclays PLC Baa1 /BBB+/A 1.000bn 31.01.2033 ms +205 bps 03.01.2024 2.600bn ms +225 area 3.875% BPCE S.A. Baa1 /BBB+/A 1.000bn 11.01.2029 ms +145 bps 03.01.2024 1.400bn ms +160 area 4.250% BPCE S.A. Baa1 /BBB+/A 1.000bn 11.01.2035 ms +185 bps 03.01.2024 1.850bn ms +200 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 2 January 2024 Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 169 -0.32% 0.78% iBoxx € Cov. Germany 22.3 -0.1 1.7 iTraxx Senior Financial 74.2 7.0 -2.2 10Yr-Yield 2.02 0.12 -0.20 iBoxx € Cov. Bonds 33.6 -0.5 1.1 iBoxx € Supranational 27.1 -0.2 1.8 Swap 10J 2.44 0.06 -0.25 iBoxx € Banks PS 89.3 7.8 6.9 iBoxx € Agencies 12.1 1.6 1.9 iBoxx € Germany -31.92 3.01 4.06 iBoxx Banks NPS 120.8 14.3 14.2 iBoxx € Sub-Sov. Germany 19.3 -1.6 1.5 iBoxx € EU 33.96 0.85 2.73 iBoxx Banks Subordinated 176.2 11.4 -4.0 iBoxx € Sub-Sovereign 35.7 0.1 2.0 Leisure tip for the weekend: The Mathematikum, Giessen (Hesse) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://www.mathematikum.de/en/mathematikum The Mathematikum in Giessen ist the world’s first mathematical science center. More than 170 exhibits open a new door to mathematics. Visitors of all ages and educational Backgraounds experiment: they solve puzzles, build bridges, stand in a giant soap bubble, see themselves infinite times in a mirror and much more. Find out more: The Mathematikum Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 January 2024 5 of 6 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 50 100 150 200 250 300 0 50 100 150 200 250 300 01/23 03/23 05/23 07/23 09/23 11/23 01/24 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 0 5 10 15 20 25 30 35 01/23 03/23 05/23 07/23 09/23 11/23 01/24 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 -10 0 10 20 30 40 -10 0 10 20 30 40 01/23 03/23 05/23 07/23 09/23 11/23 01/24 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 January 2024 6 of 6 News from Research & Advisory  Focus on: Credit – European banks: The sharpening contours of ESG disclosure  Markets & Trends 2024 – Global economy in a transition game  FOCUS on Credit: ESG ratings: Relevance, regulation and responses  Focus on Credit: Primary Market Update Bank Bonds  Focus on Credit: Corporate Schuldschein: Prejudices are out of place"  Focus on Credit: EUR Corporate bonds - Primary market Q3 2023  Video: Sustainable Finance – ICMA & Helaba Talk 2023  Focus on Credit: Social and sustainability bonds: ICMA Principles - the freestyle ele- ment makes all the difference  European banks: An optimistic outlook for 2023 Please feel free to contact us Publisher and editorial office Helaba Research & Advisory Editor: Sabrina Miehs, CESGA 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

SSA: 10-year maturities dominate. Covered Bonds: Lively start to the year with 14 bonds. Senior Unsecured: Issuers seek volume.