---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-27
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 30 November 2023 © Helaba | Research & Advisory | 30 November 2023 1 of 7 Research & Advisory Weekly Market Update Primary market environment: According to the US Beige Book, economic activity has slowed, the outlook has deteriorated and demand for labour has fallen. The Fed (Mester) sees progress in the fight against inflation. Activity in the primary markets is gradually coming to a halt. Our heat map shows that the positive sentiment for bank bonds continues. However, the picture remains mixed for covered bonds and SSAs. Primary market barometer In the SSA segment, only the state of Schleswig-Holstein saw an tap this week. Despite this unique feature, the success of this transaction was probably only manageable. The primary market for EUR covered bonds is already quiet in the run-up to Christmas. There were no new is- sues this week. Instead, it can be as- sumed that preparations are already underway for what is likely to be a very active start to 2024. The approaching year-end is clearly felt in the primary market for senior unsecured bank bonds either. There have been 5 transactions so far this week, although the volume has only reached EUR 2.1bn. The market envi- ronment remains constructive, but ac- tivity is likely to remain low until the end of the year. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Positive trend in bank bonds continues Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: Refinitiv, Helaba Research & Advisory IBOXX EURO 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany -0,06 -0,14 0,09 0,40 1,65 1,30 European Union -0,02 -0,01 0,08 0,78 1,19 2,80 Germany Covered 0,00 0,08 0,34 1,35 2,04 2,86 EU Covered 0,00 0,04 0,16 0,82 1,40 2,61 Banks senior preferred -0,06 -0,08 -0,21 0,21 0,06 1,82 Banks senior bail-in (SNP) -0,06 -0,07 -0,30 0,07 -0,57 1,51 Banks subordinated -0,04 -0,08 -0,38 -0,16 -0,10 1,78 Supranational -0,01 0,01 0,14 0,81 1,25 2,66 Agencies -0,02 -0,01 0,11 0,84 1,38 1,80 Sub-Sovereigns Germany 0,00 0,02 0,17 0,45 0,49 -0,22 Sub-Sovereigns 0,00 0,01 0,15 0,78 0,85 1,13 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 2 of 7 SSAs Primary market activity in the SSA segment continued to cool in line with the winter weather condi- tions. The issuance calendar remained quiet on Monday. On Tuesday, the tap of the EUR 250m No- vember 2028 bond from the state of Schleswig-Holstein was probably only partially successful due to a non-com- municated order book and an unchanged spread to marketing (MS+ 2bp). The previous week's increase in IB Ber- lin's March 2033 issue at MS + 15bp was 2.7x oversubscribed. Outlook: Officially there are no outstanding mandates. Overall, issuers are likely to have finalised their issuance plans for 2023 and are already looking ahead to next year. Covered Bonds Primary market activity in this segment is also likely to be largely complete for this year. There were no new issues this week. The picture is unlikely to change much next week. Rather, issuers are likely to be exploring the possibilities of an early start next year. On average for 2022 and 2023, just under 20% of the total annual volume has been issued in January. In line with this pattern, we expect issuance to be strong at the start of the year. According to our traders, spreads in the secondary market seem to have widened too much. However, we are now starting to see more aggressive pricing from intermediaries than we have seen recently. In particular, bids are again tending to be placed more towards the market centre. If yield curves continue to steepen, longer maturities are likely to become more attractive again. However, this is unlikely to be seen until early 2024, when longer- dated projects will definitely be back on the agenda. Despite the slightly more positive overall picture, the outlook for spreads needs to be viewed with caution; a return to the levels of 2-3 years ago is unlikely given the lack of central bank support. Outlook: While it cannot be ruled out that one or two issuers will come to the primary market next week, the likeli- hood is low. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,625% Schleswig-Holstein - /-/AAA 0,250bn  17.11.2028 ms +2 bps 28.11.2023 not disclosed ms + 2 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 27 November 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication none Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 27 November 2023 "The overall picture in the secondary market is somewhat more constructive than it was a few weeks ago. With the general decline in inflation rates, there has even been talk of 'victory over inflation' (see Waller, FED). This has fuelled speculation on both sides of the Atlantic about massive interest rate cuts in 2024, which in turn has been constructive for the covered bond segment, which will be hit hard by spreads in 2023. " Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 3 of 7 Senior Unsecured The approaching end of the year is felt in the primary market for senior unsecured bank bonds either. So far this week there have been another five transactions in EUR benchmark format, albeit some from less frequent issuers - such as Banca Transilvania - and with weaker ratings. The relatively low issuance vol- umes fit into the picture, with the total transaction size being just EUR 2.1bn. This week, the senior benchmark segment was predominantly used in senior preferred format. We saw a total of 4 preferred transactions with a total volume of EUR 1.6m. Hamburg Commercial Bank AG, Mediobanca SpA, Piraeus Bank S.A and a tap from Landesbank Berlin were placed. With a book 1.6 times oversubscribed, the latter was able to place EUR 100 million of the November 2028 issue at a spread of MS + 95 bp. In the senior non-preferred seg- ment, only Banca Transilvania came to market with a EUR 500m 5NC4 at 7.750% IPT. Outlook: The market environment in this segment remains constructive. However, the approaching end of the year is clearly noticeable and activity is slowing down. In particular, pre-financing transactions may once again play a role. Chart of the Week With the opening of COP28 in Dubai this week, climate change targets are once again in the spotlight. The banking sector has an important role to play in financing the transition to a more sustainable economy. This is increasingly reflected in the strategy and governance of ma- jor capital market banks, and the disclosure of sustainability issues by the institutions is also becoming more transpar- ent. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,125% Landesbank Berlin Aa3 /-/- 0,100bn  21.11.2028 ms +95 bps 28.11.2023 0,162bn ms + 95 (#) 6,875% Piraeus Bank S.A. B1 /B/- 0,500bn 05.12.2028 ms +380 bps 28.11.2023 1,600bn 7.125% area 4,375% Mediobanca SpA Baa1 /BBB/BBB 0,500bn 01.02.2030 ms +140 bps 28.11.2023 1,800bn ms + 170 area 3m€+160 Bp Hamburg Commercial Bank AG A3 /-/- 0,500bn 05.12.2025 ms +160 bps 28.11.2023 0,560bn 3m€+170 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 27 November 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 7,250% Banca Transilvania - /-/BB 0,500bn 07.12.2027 ms +425 bps  29.11.2023 1,500bn 7,75% area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 27 November 2023 „Flows increased again, as usual for the monthly rebalancing. In the medium maturity range (5-7 years), real money accounts and ETF funds were increasingly seen as sellers. Shorter maturities, recently issued floaters and lower-risk names such as those from Scandinavia or the Benelux countries were in demand. However, as the year draws to a close, the focus is on reducing risk, with the investor mix shifting from balanced to more sellers.“ Comment from the Helaba trading floor Net-Zero Banking Alliance banks with ambitious GHG\* targets % of European NZBA members with sector-specific emission reduction targets \*Green House Gas emissions Sources: CPD, Helaba Research & Advisory 22% 22% 22% 25% 28% 41% 41% 50% 59% 66% Coal Cement Aviation Shipping Iron & Steel Mortgages CRE Auto Oil & Gas Power Frequent targets -45% to 70% -30% to 50% -35% to 50% -35% to 50% -40% to 55% -30% to 35% -25% to 30% -30% to 60% -20% to 50% -70% to 100% Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 4 of 7 With the first publication of the full Green Asset Ratio (GAR) for the year 2023, the replacement of the Task Force on Climate Related Financial Disclosures (TCFD) by the International Sustainability Standards Board (ISSB) and the ongoing implementation of the Corporate and Sustainability Reporting Directive (CSRD), key milestones on the road to greater transparency and disclosure on ESG issues in the banking sector are on the horizon at the turn of the year. In our study "European Banks: The sharpening contours of ESG disclosure”, published this week, we take a closer look at these developments. In particular, we look at how institutions are responding to increasing transparency demands from regulators and market participants. Many large listed institutions are members of the Net-Zero Banking Alliance (NZBA). Convened by the United Nations in 2021, the NZBA is a group of leading banks committed to financing ambitious climate action to transition the real economy to net-zero greenhouse gas emis- sions by 2050. NZBA participants are committed to disclosing their emissions, as well as their actions and pro- gress to reduce them. Short news 11/29 EY study on companies’ preparedness for IFRS climate reporting standard: Companies globally are making progress with their climate disclosures, both in terms of the number of busi- nesses reporting on climate-related factors and the quality of the reporting, according to a new study released by global professional services firm EY, although significant work remains to prepare for reporting against the new sustainability disclosure standards released by the IFRS Foundation’s International Sustainable Standards Board (ISSB). (ESGtoday) 11/29 BIS and disclosure of climate-related financial risks: The Basel Committee on Banking Supervision issued a public consultation paper on a Pillar 3 disclosure framework for climate-related financial risks. The Committee is analysing how a Pillar 3 disclosure framework for climate-related financial risks would further its mandate to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability, and the potential design of such a framework. 11/28 Tightening in perceived financing conditions: The latest survey by the European Central Bank shows that firms’ turnover continued to recover in the second and third quarters of 2023, despite high labor, interest, and production costs. Financing needs were unchanged, while the availability of external funds fell and financing conditions tightened. 11/27 S&P Global Ratings has upgraded the ratings of the Icelandic covered bond programmes. S&P has up- graded the covered bond programmes of Islandsbanki hf, Landsbankinn hf and Arion Bank hf and the related is- sues from 'A' to 'A+'. The outlook for these three programmes has also been changed from positive to stable. The rating actions follow the action taken for Iceland on 10 November 2023. In line with the criteria for covered bonds, the agency upgraded the ratings of the covered bonds from the issuer ratings (ICR) of the respective banks. The agency took into account the fact that the issuers are located in a country with an effective resolution regime, as well as the potential support provided by the legal framework and the portfolio of assets collateralising the bonds. 11/27 Demand for credit remains weak, need for investment remains: "Companies have recently been financing their investments heavily from their own funds, while demand for credit has remained weak. The banks' credit sup- ply remains reliable, but reflects the increased risks," says Heiner Herkenhoff, Managing Director of the Associa- tion of German Banks (BdB). 11/27 ECB rating agency puts weight on protection mechanisms: According to Reuters, Scope, Europe's first European Central Bank (ECB)-approved credit ratings agency, promises to put more weight on the euro zone's im- proved ability to navigate crises although it has concerns about Italy and France and warns the Dutch election re- sult could trouble its coveted triple-A grade. (Bloomberg) Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 5 of 7 11/27 ECB to look at pandemic bond reinvestments soon: European Central Bank (ECB) officials may soon revisit their €1.7 trillion pandemic bond portfolio and reconsider how long they will replace maturing securities, Bloom- berg reports. While several officials have said they’re in favor of discussing an earlier start to the roll-off of the so- called PEPP program, Lagarde had remained more cautious on the issue. 11/23 Deutsche Bundesbank published financial stability report 2023: The macro-financial environment is characterised by the turnaround in interest rates and increased uncertainty. So far, the German financial system has coped well with the rise in interest rates over the past year, although the effects have not yet fully material- ised. The structural change in the economy is also likely to further increase credit risks. 11/23 Slovenia moves ahead on new tax on banks, companies: Slovenia’s government approved a tax on banks and higher levies on companies to help fund reconstruction following the country’s worst natural disaster in three decades. The new legislation aims to impose a 0.2% tax on total banking assets, Bloomberg writes. \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 162 1,14% 6,37% iBoxx € Cov. Germany 20,3 0,4 2,3 iTraxx Senior Financial 77,2 -1,7 -18,5 10Yr-Yield 2,43 -0,14 -0,33 iBoxx € Cov. Bonds 32,3 0,4 1,5 iBoxx € Supranational 24,7 0,1 0,7 Swap 10J 2,93 -0,11 -0,32 iBoxx € Banks PS 83,5 -2,9 -7,8 iBoxx € Agencies 9,3 -0,2 0,0 iBoxx € Germany -36,79 -2,23 0,50 iBoxx Banks NPS 109,1 -3,7 -12,4 iBoxx € Sub-Sov. Germany 16,4 0,2 2,3 iBoxx € EU 30,98 -0,20 0,04 iBoxx Banks Subordinated 189,0 -4,7 -20,0 iBoxx € Sub-Sovereign 32,5 0,2 1,0 Leisure tip for the weekend: Christmas Market of Michelbach Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https:// michelstaedter-weihnachtsmarkt.de/en The Christmas Market of Michelstadt scores with its homogenous concept. About 100 wooden cabins are festively decorated with twigs and chains of lights. The special highlights are the life-sized wooden figures all over the market. They also serve as guide signs and are build by students oft the resident college for wooden constructions. The Christmas Market is opened from 1 December to 23 December 2023. Find out more: Christmas Market Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 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: Bloomberg, 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 2022 Senior Preferred 2022 Senior Non-preferred 0 50 100 150 200 250 300 0 50 100 150 200 250 300 11/22 01/23 03/23 05/23 07/23 09/23 11/23 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: Bloomberg, 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 2021 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 11/22 01/23 03/23 05/23 07/23 09/23 11/23 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: Bloomberg, 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 2021 2023 -15 -5 5 15 25 35 -15 -5 5 15 25 35 11/22 01/23 03/23 05/23 07/23 09/23 11/23 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 30 November 2023 7 of 7 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 Team of authors Publisher and editorial office Helaba Research & Advisory Editor: Stefan Rausch 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: Little activity. Covered Bonds: Focus already on the new year. Senior Unsecured: Less frequent issuers active. Chart of the Week: Net-Zero-Banking Alliance banks set ambitious GHG targets.