---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-28
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 23 November 2023 © Helaba | Research & Advisory | 23 November 2023 1 of 7 Research & Advisory Weekly Market Update Primary market environment: Right-wing populists led by Geert Wilders win elections in the Netherlands and the US celebrates Thanksgiving. The ECB's Nagel speaks of persistent risk fac- tors that could trigger a surge in inflation. Primary markets remain receptive. However, as we approach the end of the year, activity is becoming increasingly subdued. Our heat map shows a mixed picture. For the most part, the improvement in sentiment seen in the previous week did not continue throughout the week. In the case of bank bonds, however, the recent positive trend has contin- ued. Primary market barometer The SSA segment was dominated by gains this week. Bpifrance led the way with its July 2031 bond. Devel- opment banks IB Berlin and Säch- sische Aufbaubank also had no trou- ble filling their order books. The covered bond segment was con- structive again this week, although issuance was lower than the previous week. As the end of the year ap- proaches, we expect activity to grad- ually decline. In the senior unsecured segment, both senior preferred and senior non- preferred transactions have been seen so far this week. The priced bonds in this segment had strong order books. The good level of activity could con- tinue into next week before slowing down as the end of the year ap- proaches. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Mixed picture 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 -0,04 0,40 0,78 1,67 1,32 European Union -0,03 -0,01 0,21 0,82 1,35 2,76 Germany Covered -0,02 0,12 0,39 1,39 2,16 2,81 EU Covered -0,01 0,06 0,20 0,83 1,47 2,56 Banks senior preferred -0,03 -0,01 -0,13 0,28 -0,11 2,05 Banks senior bail-in (SNP) -0,02 0,04 -0,22 0,13 -0,67 1,62 Banks subordinated -0,03 -0,04 -0,34 -0,07 -0,48 1,99 Supranational -0,03 0,03 0,23 0,82 1,43 2,64 Agencies -0,04 0,05 0,27 0,99 1,65 1,84 Sub-Sovereigns Germany -0,01 0,07 0,18 0,43 0,66 -0,01 Sub-Sovereigns -0,03 0,03 0,24 0,78 0,99 1,26 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 23 November 2023 2 of 7 SSAs The SSA primary market was quiet on Monday. IB Berlin kicked things off on Tuesday with the tap of its March 2033 bond (500 million, WNG). With investor demand totalling EUR 1.35bn, the issue went through without a hitch. The attractive pricing (MS + 15bp) should have contributed to this. On Wednesday, Bpifrance took the opportunity to tap its July 2031 issue by EUR 630m. The final spread of FRTR +38bp could not be tightened versus the marketing. Sächsische Aufbaubank (EUR 250m, WNG, 5 years), another development bank, followed today. Outlook: There are likely to be a few more projects in the pipeline. However, given the recent developments in the primary market, we no longer expect a significant pick-up in the primary market before the end of the year. Covered Bonds Although issuance in the EUR primary market was not quite as strong as last week, it can still be de- scribed as a constructive market. Nationwide Building Society successfully opened the primary mar- ket for covered bonds this week. The EUR 1bn 5 year covered bond was priced at MS + 41bp, 4bp tighter than the target. Nationwide was also active in the eurozone in March this year with a EUR 1bn placement (MS + 24bp). In the two previous years it had issued 'only' EUR 500m each time. On Tuesday, Wüstenrot Bausparkasse (EUR 500m, WNG, 5 years) issued its first green covered bond. The final pricing of MS + 32bp was in line with the target. The order book included 45 high quality investors. The Italian BPER Banca (EUR 750m, 5 years, Fxd-to-FRN) attracted total demand of over EUR 1.5bn. The final spread was tightened by 5bp to MS + 75bp versus the marketing. For regulatory reasons, only bank treasuries are currently a reasonably reliable source of secondary market de- mand. Spreads remain elevated. The path for new issues, exclusively in the short to medium term, remains bumpy. Last week's core issues recorded a respectable secondary performance of up to 3 bps. The performance of Italian covered bonds, which certainly benefited from the favourable ratings of the Italian government, is encouraging. Outlook: The remaining issuance window for the year, and therefore the primary supply, is getting smaller and smaller. We expect the books to be closed by 13 December. Until then, there may still be opportunities for pre- funding. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,125% Investitionsbank Berlin - /-/AAA 0,500bn  01.03.2033 ms +15 bps 21.11.2023 1,580bn ms + 17 area 0,625% Bpifrance Financement Aa2 /-/AA- 0,630bn  22.07.2031 FRTR + 38 Bp. 22.11.2023 0,640bn FRTR +38 bp 3,125% Sächsische Aufbaubank - Förderbank - /AAA/- 0,250bn 01.12.2028 ms +8 bps 23.11.2023 0,350bn ms + 9 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 20 November 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,375% Nationwide Building Society - /AAA/AAA 1,000bn 27.11.2028 ms +41 bps 20.11.2023 1,750bn ms + 45 area 3,375% Wüstenrot Bausparkasse AG - /AAA/- 0,500bn 28.11.2028 ms +32 bps  21.11.2023 0,435bn ms + 32 area 3,750% BPER Banca S.p.A. Aa3 /-/- 0,750bn 22.10.2028 ms +75 bps 21.11.2023 1,600bn ms + 80 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 20 November 2023 "Some recent "big picture" observations: Increasing economic concerns in several key world regions, sharply declining oil prices, falling medium-term inflation expectations (ref. 5y5y inflation swaps) and extreme rate cut expectations for the EUR area in 2024 (Dec24 strip at peak 100 bps) characterise the current situation. This is likely to have contributed to an increased secondary bid in longer maturities. In contrast, liquidity is very low due to the duration aversion that has prevailed since the beginning of the year and the lack of long new issues, especially securities with tradable coupons." Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 23 November 2023 3 of 7 Chart of the Week "Green Pfandbriefe are very popular with German banks. At EUR 6.75 bn and EUR 5.75 bn in 2022 and 2023, the volume of green Pfandbriefe even signifi- cantly exceeds the sum of green senior preferred and senior non- preferred securities. This devel- opment stands in contrast to the European comparison: For European banks as a whole (in- cluding German banks), green senior non-preferred bonds dominated in the last two years with around EUR 23 bn in each case, while green senior pre- ferred bonds were roughly equal at EUR 15 bn (2022: EUR 16 bn) and green covered bonds at EUR 14 bn (2022: EUR 16 bn). German Pfandbrief banks were among the pioneers of green securities in the banking sector and this image has been reinforced to this day. As early as 2015, Berlin Hyp was the first to issue a green Pfandbrief (later also in the senior unsecured segment), while Münchener Hyp even placed the first ESG Pfandbrief in 2014. It is not entirely impossible that the establishment of the vdp member institutions' own minimum standards for green Pfandbriefe in 2019 in particular (for details, see our 2019 study, Chapter 2 covered-bonds-special- 20191008-data.pdf (helaba.de)) has given the market a boost that is only now becoming visible due to the long preparation time usually required for issues. Senior Unsecured In the senior unsecured segment, both senior preferred and senior non-preferred tranches have been seen so far this week. They were well received by market participants. A total of EUR 5.3bn was raised in 8 benchmark transactions. Investor interest was extremely high, as evidenced by the fact that the order book was more than three times larger than the benchmark. Both capital market heavyweights and second-tier names were represented. Maturities of the new issues ranged from 3 to 10 years. Spread tightening was relatively high compared to initial indications and investors also enjoyed relatively high spread tightening following the transactions. Outlook: The market environment in this segment remains very constructive. The good level of activity could con- tinue next week, before slowing down as the end of the year approaches. Pre-funding transactions may once again play a greater role.. „Despite the current positive sentiment and renewed risk-on mode, investor flows are merely balanced. Real money accounts and ETF funds are acting as buyers and sellers, the latter on a larger scale. The good perfor- mance of new issues in recent weeks is tempting investors to take profits while trying to prepare for the wave of new issues in January. Shorter-dated bonds were also sold, in some cases in exchange for longer- dated bonds from the same issuer.“ Comment from the Helaba trading floor Green Pfandbriefe dominate German green bank bonds EUR Bn \*EUR bonds ≥ EUR 250 million Sources: Bloomberg, Helaba DCM, Helaba Research & Advisory 1 2 1 1 1 2 2 3 2 3 1 1 2 1 1 3 7 6 0 2 4 6 8 10 12 14 0 2 4 6 8 10 12 14 SNP SP Covered Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 23 November 2023 4 of 7 Short news 11/23 Fitch Ratings - APAC 3Q23 Covered Bond Issuance Volume Falls amid Volatile Housing Market. Residential property sentiments in the four APAC economies with covered bond pro- grammes rated by Fitch Ratings – Australia, New Zealand, Singapore and South Korea – have been volatile on infla- tionary pressure and interest rate hikes, with issuance dropping amid varied performance among the markets. Fitch believes the housing market is likely to rebound in the next few quarters from the recent trough in 2022, alt- hough the pace may be mixed for the four economies. 11/22 Moody's upgrades several Portuguese covered bonds. Moody's upgrades several Portuguese covered bonds. The rating actions for the Portuguese covered bond programmes follow Moody's raising of the country ceil- ing for local currency bonds issued by the Portuguese government from Aa2 to Aaa, which in turn follows Moody's upgrade of the Portuguese government's sovereign rating to A3 with a stable outlook from Baa2 on 17 November 2023 and the upgrade of the counterparty risk (CR) ratings of all six covered bond issuers. This means that the rat- ings of the Portuguese covered bonds are no longer constrained by the sovereign limit. Moody's has also lowered the refinancing margins for all Portuguese covered bonds. 11/21 New Covered Bond Label member: The Covered Bond Label Foundation (CBLF) is pleased to announce the addition of Finland's S-Bank to the community of covered bond issuers, which now includes 137 issuers and 176 cover pools in 24 countries. 11/21 EU to exempt banks from new green rules: A new push from member countries to exempt financial institu- tions from proposed EU rules on Corporate Sustainability Due Diligence risks further complicating already thorny negotiations. A potential compromise could see banks and insurers covered, while asset managers would be left out of the rules, POLITICO reports. 11/20 Net Zero Industry Act: boosting clean technologies in Europe: Europe is lagging behind in the deployment of clean energy technologies but a new EU initiative called the Net Zero Industry Act aims to improve the situa- tion, according to the European Commission (EC). The act puts forward measures aimed at ensuring that by 2030 the EU is able to produce at least 40% of its own needs for green technologies. 11/17 Fitch Ratings: Spain’s shift to Soft-Bullet Covered Bonds is an Long-Term-Positive. According to Fitch Ratings, will the transition of the Spanish mortgage Covered Bonds market to soft bullet maturities continue and could eventually drive rating upgrades if the bulk of a programme's outstanding bonds are soft bullet. 11/17 Final templates to collect climate-related data from EU banks: The European Banking Authority (EBA) published the final templates that will be used to collect climate-related data from EU banks in the context of the one-off Fit-for-55 climate risk scenario analysis. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 5,875% Eurobank S.A. Ba1 /BB-/BB 0,500bn 28.11.2029 ms +280 bps 21.11.2023 1,400bn 6,500% area 4,375% CaixaBank, S.A. Baa1 /A-/A- 1,000bn 29.11.2033 ms +145 bps 21.11.2023 3,000bn ms + 170/175 area 3,875% China Construction Bank A1 /-/- 0,300bn 30.11.2026 ms +75 bps  22.11.2023 not disclosed ms + 90 area 4,125% Crédit Mutuel Arkéa Aa3 /-/AA- 0,750bn 01.02.2034 ms +120 bps 22.11.2023 1,700bn ms + 145 area 4,625% Banco BPM S.p.A. Baa2 /BBB-/BBB- 0,500bn 29.11.2027 ms +155 bps  22.11.2023 1,900bn ms + 190 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 20 November 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,375% Credit Agricole SA A3 /A-/A+ 1,250bn 27.11.2033 ms +135 bps  20.11.2023 5,700bn ms + 165/170 bp 3m€ +60 Bp LBBW A2 /-/A- 0,500bn 28.11.2025 ms +60 bps  21.11.2023 1,100bn 3m€ +90 area 4,250% KBC Group N.V. Baa1 /A-/A 0,500bn 28.11.2029 ms +130 bps 21.11.2023 0,850bn ms + 155 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 20 November 2023 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 23 November 2023 5 of 7 11/17 Single market watchdog in push for European capital union: Europe needs a capital markets union, includ- ing a single supervisor and trading infrastructure, to finance its digitalization and green transition, European Cen- tral Bank (ECB) President Christine Lagarde said. Lagarde said neither heavily indebted governments nor banks can come up with the money needed to make the European Union more productive and independent in an increas- ingly fragmented world, Reuters reports. 11/16 Digital fraud and banking: Financial stability implications: The Basel Committee of the Bank for Interna- tional Settlements (BIS) issued a discussion paper on digital fraud and banking. The paper provides a high-level assessment of the supervisory and financial stability implications of digital fraud for the banking system. Its goal is to elicit feedback from a broad range of interested stakeholders. \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 161 0,00% 4,72% iBoxx € Cov. Germany 19,9 1,9 3,3 iTraxx Senior Financial 78,9 -2,5 -21,3 10Yr-Yield 2,56 -0,07 -0,32 iBoxx € Cov. Bonds 31,9 1,7 2,5 iBoxx € Supranational 24,6 1,4 2,8 Swap 10J 3,04 -0,08 -0,40 iBoxx € Banks PS 86,5 0,7 -3,6 iBoxx € Agencies 9,5 1,8 2,6 iBoxx € Germany -34,56 -0,30 5,32 iBoxx Banks NPS 112,8 2,4 -6,9 iBoxx € Sub-Sov. Germany 16,2 2,2 3,5 iBoxx € EU 31,17 0,95 2,73 iBoxx Banks Subordinated 193,7 0,2 -15,2 iBoxx € Sub-Sovereign 32,3 1,4 2,9 Leisure tip for the weekend: Plästerlegge (NRW) A waterfall in waterfall Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https:// sauerland.com/en/outdooractive-pois/plaesterlegge-a-waterfall-in-waterfall The waterfall can only be reached on foot. A wooden sign in the village of Wasserfall points the way to Plästerlegge. From there it is a 20 minute walk. The path to the waterfall is not suitable for prams. There is a bench below the waterfall where you can take a break. There are also information boards about the flora in the Plästerlegge nature reserve. Plästerlegge is a nature reserve. Find out more: Plästerlegge Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 23 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 4 8 12 16 20 24 28 32 0 4 8 12 16 20 24 28 32 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 | 23 November 2023 7 of 7 News from Research & Advisory  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: Taps characterise the week. Covered Bonds: Secondary supply increased. Senior Unsecured: Strong order books. Chart of the Week: Green Pfandbriefe dominate German green bank bonds.