---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update-14
type: dd_research
language: en
updated: 2026-09-28
keywords: Renten, Weekly Market Update_englisch
---

# SSA and Financials: Weekly Market Update

Focus on: SSA & Financials 9 February 2023 © Helaba | Research & Advisory | 9 February 2023 1 of 8 Research & Advisory Weekly Market Update Primary market environment: The primary markets have recently been very dynamic compared to the previous week. An end to the pronounced issuing activity is not in sight, although German inflation rose slightly to 8.7 % in January. Representatives of the Fed and the ECB repeatedly made clear in recent days that there will be further interest reate hikes due to high inflation. The recent increase in fluctuations of our risk trend indicator continues. As a result, the picture is mixed. Primary market barometer Issuing activity in the SSA segment eclipsed all others this week. 17 new bonds with a value of EUR 18,9 bil- lion found their way to investors. In the short term, an end to the flood of issuance is not in sight. Issuers are making good use of the constructive primary market environ- ment and at the same time are enjoy- ing strong demand. The spreads coul be tightened by an average of 7 bps compared to marketing. Many banks have published their quarterly reports and are coming out of the blackout period, a noticeable increase in transactions can thus be observed. These are well perceived in the friendly market environment. Covered Bonds Senior Unsecured SSA Risk trend indicator: Inconsistent 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 0,09 0,10 0,04 0,73 0,76 -0,61 European Union -0,03 0,04 0,26 0,95 2,41 2,89 Germany Covered -0,11 0,02 0,08 0,32 1,16 0,74 EU Covered -0,04 0,00 0,04 0,18 0,79 0,67 Banks senior preferred 0,07 -0,33 -0,87 -1,40 0,78 0,94 Banks senior bail-in (SNP) 0,06 -0,36 -1,11 -1,59 0,51 0,86 Banks subordinated 0,02 -0,22 -0,80 -1,41 0,46 0,92 Supranational -0,03 0,02 0,23 0,91 2,04 2,19 Agencies -0,01 -0,05 -0,06 0,47 0,69 0,17 Sub-Sovereigns Germany -0,04 -0,06 -0,07 0,46 -0,27 -0,36 Sub-Sovereigns -0,02 -0,04 -0,05 0,45 0,73 0,61 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 2 of 8 SSA In view of various central bank meetings, issuers on the primary market were cautious in the previ- ous week. This week, the SSA segment in particular made an impressive comeback. The new issues met with very brisk demand, which led to very high bid/cover ratios. On Monday, the Land of Berlin very success- fully placed its debut sustainability bond (10 years, EUR 750 million). This is the fourth federal state - after North Rhine-Westphalia, Baden-Württemberg and Hesse - to launch sustainable bonds. The Berlin bond triggered a veri- table run, so that the very granular order books could be closed at around EUR 5.25 billion after only 3 hours. The spread tightened by 3 bps compared to the marketing. In view of the immense issuing activity, one gets the im- pression that market participants are afraid of missing out. The successful issuance in January seems to favour the recent trend. Previous concerns that ample net supply and further interest rate hikes would have a lasting nega- tive impact on the market do not seem to have materialised. The opposite is probably the case. Outlook: In the coming week, the EU will again be active on the primary market within the framework of the NextGenerationEU programme. In addition, we expect dynamic issuance activity to continue. Covered Bonds Compared to the previous week, primary market activity has increased significantly since Monday. Eleven covereds with a volume of EUR 9.85 billion have been issued since then. The oversubscription rates were all very significant. Issuers from various jurisdictions were active. One highlight was undoubtedly Belfi- dus, whose four-year bond limited to EUR 500 million attracted a final order book of EUR 3.6 billion. The 7.2-fold oversubscription favoured a marked spread narrowing of 6 bps compared to the initial offer. On average, the bid/cover ratio this week was an impressive 3.7. With Sumitomo Mitsui Banking Corp., an issuer from Japan was also represented this week. The 3-year benchmark was successfully placed at MS+48, 10 bps below the initial spread target. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,750% Berlin Aa1 /-/AAA 0,750bn 14.02.2033 ms -2 bps  06.02.2023 5,250bn ms + 1 area 3,875% Cassa Depositi e Prestiti S.p.A. - /BBB/BBB 0,500bn 13.02.2029 BTPS +35 bp  06.02.2023 2,800bn BTPS + high 40s are 3,000% Asian Infrastructure Investment Bank Aaa /AAA/AAA 1,500bn 14.02.2028 ms +13 bps  07.02.2023 2,000bn ms +15 area 2,750% KFW Aaa /AAA/AAA 3,000bn 14.02.2033 ms -4 bps  07.02.2023 34,000bn ms - 1 area 3,050% ICO Baa1 /A/A- 0,500bn 31.10.2027 SPGB +22 bp  07.02.2023 4,500bn SPGB +27 area 3,125% Japan Bank for International Cooperation A1 /A+/- 1,000bn 15.02.2028 ms +20 bps 08.02.2023 1,800bn ms + 22 area 2,850% Sachsen-Anhalt Aa1 /AA/AAA 0,500bn 15.02.2033 ms -2 bps 08.02.2023 1,500bn ms - 1 area 2,750% EIB Aaa /AAA/AAA 5,000bn 28.07.2028 ms -9 bps  08.02.2023 30,500bn ms - 7 area 3,500% Basque Government A3 /AA-/A 0,700bn 30.04.2033 SPGB +21 bp  08.02.2023 5,000bn SPGB + 27 area 3,125% Caisse des Depots et Consignations Aa2 /AA/AA 1,000bn 25.05.2033 FRTRs +29 bp 08.02.2023 8,300bn FRTRs +33 area 3,625% Action Logement Services Aa2 /AA/AA 1,200bn 25.05.2043 FRTR +56 bp  08.02.2023 2,700bn FRTR +58 area 2,750% Rentenbank Aaa /AAA/AAA 0,500bn 16.02.2032 ms -4 bps 09.02.2023 0,750bn ms -4 area 2,750% L-Bank Aaa /AA+/AAA 1,250bn 16.02.2028 t.b.d. 09.02.2023 t.b.a. ms -6/8 wpir 3,250% Région Wallonne A3 /-/- 1,000bn 22.06.2033 BGBs +44 Bp  09.02.2023 1,600bn BGBs +45 area 3,500% Région Wallonne A3 /-/- 0,500bn 15.03.2043 BGB +45 Bp  09.02.2023 0,850bn BGBs +45 area Sources: Bloomberg, Helaba DCM € SSA issues week of 6 Febuary 2023 "Trading activity is picking up again. The picture is as follows: Central banks are already reducing their order quotas ahead of the announced withdrawal from the primary market. At the same time, enquiries in the sec- ondary market are increasing. Recently, for example, French Covereds with medium maturities were in focus. The result at the end of the day was tighter swap spreads." Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 3 of 8 So far, the primary market seems to be coping well with the foreseeable lack of central bank activity. On the con- trary, it seems that some market participants have already positioned themselves with increased secondary mar- ket purchases in anticipation of this development. Notwithstanding the ECB's latest pronouncements (see below for further details), the central bank significantly expanded its CBPP3 holdings by €1.3 billion through net purchases in January. Outlook: Bund swap spreads have narrowed noticeably and could tighten further from current levels. This would make covereds correspondingly more expensive. Nevertheless, the constructive undertone should remain intact for the time being. Especially in the event that the yield curves move a little towards normality again, i.e. gradually reduce their record-high inversions. Chart of the Week After the ECB statement last Thursday, uncertainties re- mained about further pur- chases under the APP pro- gramme. What is certain, how- ever, is that the central bank will gradually cap purchases in the primary market for the pri- vate sector programmes (AB- SPP, CBPP3, CSPP) as partial re- investments begin from March until June. This excludes non- banks, whose green paper will continue to be purchased for CSPP. For covered bond issuers who still want to profit from ECB purchases, the window of opportunity will become in- creasingly smaller. In anticipation of this scenario, issuance plans have already been brought forward - the sec- ond-strongest euro benchmark bond offering in January speaks a clear language. While the market had previously assumed that the Eurosystem's participation rate in CBPP3 would be reduced from 20% to 10% in March, it can now no longer be ruled out that the reduction will be implemented more quickly. It is possible that the ECB will completely discontinue its primary market activities by the end of February. On the secondary market, the central bank will continue to be active as a buyer, albeit to a reduced extent, which in our opinion should have a stabilis- ing effect on the development of spreads. Coupon Issuer Rating (M/S&P/F) Volume € Tap M aturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% Landesbank Saar - /-/AAA 0,250bn 14.02.2028 ms +7 bps 07.02.2023 0,880bn ms + 12 area 3,602% Sumitomo Mitsui Banking Corporation Aaa /-/- 0,750bn 16.02.2026 ms +48 bps 07.02.2023 2,750bn ms + 58 area 3,000% Belfius Bank SA/NV - /AAA/AAA 0,500bn 15.02.2027 ms +9 bps 07.02.2023 3,600bn ms + 15 area 3,250% Banco Santander, S.A. Aa1 /-/AA 0,500bn 14.02.2028 ms +38 bps 07.02.2023 2,400bn ms + 45 area 3,125% Aareal Bank AG Aaa /-/- 0,750bn 13.02.2026 ms +3 bps 08.02.2023 2,350bn ms + 8 area 3,000% ING Bank N.V. Aaa /AAA/AAA 2,000bn 15.02.2026 ms -2 bps 08.02.2023 4,800bn ms + 4 area 3,000% ING Bank N.V. Aaa /AAA/AAA 2,000bn 15.02.2033 ms +19 bps 08.02.2023 3,200bn ms + 23 area 3,625% UniCredit Bank Czech Republic and Slovakia, a.s. Aa2 /-/- 0,500bn 15.02.2026 ms +60 bps 08.02.2023 2,400bn ms + 75 area 3,125% Oma Saastopankki Oyj - /AAA/- 0,350bn 15.06.2028 ms +31 bps 08.02.2023 1,500bn ms + 38 area t.b.d. Cajamar Caja Rural SCC - /AA/- 0,750bn 16.02.2028 ms + 50 Bp 09.02.2023 1,600bn ms +60 area 3,000% BPCE SFH Aaa /AAA/- 1,500bn 17.10.2029 ms +23 bps 09.02.2023 3,100bn ms + 28 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 6 Febuary 2023 ECB purchase programs – A chapter comes to an end Mio.EUR / Monthly net purchases at book value Sources: ECB, Helaba Research & Advisory -10000 10000 30000 50000 70000 90000 10.2014 10.2015 10.2016 10.2017 10.2018 10.2019 10.2020 10.2021 10.2022 PSPP CBPP3 CSPP ABSPP Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 4 of 8 Senior Unsecured In the past two weeks, the reporting season and blackouts had considerably dampened primary mar- ket activity for senior unsecured bank bonds. Many of the major players have now presented their quarterly results and can resume their issuance activity. This week has already seen a noticeable pick-up in EUR benchmark issuance. The placed volume totaled EUR 4.6 billion in 7 transactions. In the previous week, EUR 3.0 billion was placed in 4 transactions. The share of regulatory-driven non-preferred bonds was slightly in the majority with 4 transactions, while 3 trans- actions were green. The latest new issues performed quite well both during placement and subsequently in the secondary market. The market environment was mainly driven by the central bank decisions of the last week, but also the banks' results attracted a lot of attention. They were somewhat more mixed this week than the week before: Credit Suisse, which is mired in the crisis, had to report a loss of CHF 7.3 billion for 2022, and Société Générale's result was burdened by its exposure to Russia. Overall, however, the picture of strongly rising net interest income and steadily low credit risk costs was confirmed (see our Credit publication "European Banks – An optimistic outlook for 2023" dated Jan. 11, 2023). Outlook: The quarterly reporting season for banks continues in the coming weeks, but the majority of institutions have now submitted their results. In view of the sizeable maturities in 2023 and regulatory requirements for total bail-in capital (MREL/TLAC), we expect continued brisk primary market activity in a friendly market environment. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,125% Hypo Vorarlberg Bank AG A3 /-/- 0,500bn 16.02.2026 ms +105 bps  07.02.2023 1,750bn ms + 120/125 area 5,885% Cassa Centrale Banca - /-/BBB- 0,500bn 16.02.2027 ms +275 bps 08.02.2023 2,750bn ms + 300 area 5,952% Tatra Banka a.s. A3 /-/- 0,300bn 17.02.2026 t.b.d.  09.02.2023 3,750bn ms +310 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 6 Febuary 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,625% Virgin Money UK Baa1 /BBB-/BBB+ 0,500bn 29.10.2028 ms +175 bps 07.02.2023 1,350bn ms + 200 area 3,625% DNB Bank ASA A3 /A/- 1,000bn 16.02.2027 ms +63 bps  09.02.2023 t.b.a. ms + 90 area 4,450% UniCredit S.p.A. Baa3 /BBB-/BBB- 1,000bn 16.02.2029 ms + 160 Bp 09.02.2023 2,100bn ms + 185 area 4,000% Nykredit Realkredit A/S - /BBB+/A 0,750bn 17.07.2028 ms + 115 Bp 09.02.2023 1,200bn ms + 140 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 6 Febuary 2023 „The mass of flows continues to be concentrated on the 2023 new issues. The two new green non-preferred bonds issued by Bayerische Landesbank and Helaba accounted for a fairly large share of real money flows last week. Furthermore, insurers and asset managers used the current high yields as a buying opportunity. Last week's monthly rebalancing also provided a further boost to turnover and the opportunity to generate 2- way flows. On the retail side, bonds with 1,000 denomination such as from Commerzbank, Goldman Sachs, Renault Finance or the new 27 PBBGR are in vogue. As the saying goes: After the rate hike is before the rate hike. Inflation and economic data, as well as the speeches of respective council members of the central banks are now in focus. The speech Powells from Tues- day made thereby the beginning and opened again fantasies in different directions. It remains exciting.” Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 5 of 8 Short news 2/8 Fitch Ratings Raises Minimum ESG.RS for Mortgage Securitisations and Covered Bonds Fitch Ratings has increased the minimum ESG Relevance Scores (ESG.RS) expected for two ESG gen- eral issues across mortgage securitisations and covered bonds (CVBs) in some countries to ‘2’ from ‘1’. This is to reflect changes to the relevant operating and/or regulatory environments. The revision has no effect on credit rat- ings. An ESG.RS of ‘2’ indicates that an ESG general issue is relevant to the sector but not to the specific transac- tion or programme from a credit perspective, whereas an ESG.RS of ‘1’ indicates that a general issue is relevant neither to the sector nor to the transaction or programme from a credit perspective. 2/8 Platform on Sustainable Finance – List of members: The European Commission (EC) published the list of members for the new mandate of the Platform on Sustainable Finance. The Platform will advise the Commission on the EU Taxonomy and the EU sustainable finance framework, with a focus on usability. 2/8 ECB Supervision Publishes SREP Results: ECB leaves 2023 capital requirements unchanged on average as banks maintain resilience. This is the outcome of this year's supervisory review and evaluation process (SREP). Despite a gloomier outlook during the year, higher interest rates have driven improved profitability and stronger capital accumulation. On average, banks continued to have solid capital and liquidity positions. Most had more capital than was required under the capital requirements and recommendations of the previous SREP cycle. 2/8 ECB piles pressure on banks to exit Russia: Andrea Enria, chair of supervision at the European Central Bank (ECB) said the ECB is putting pressure on eurozone banks to cut their Russian exposures even as the window to sell these assets was narrowing after the Kremlin turned “more hostile” to such moves. As reported by the Finan- cial Times , many western banks with subsidiaries in Russia have sought to leave the country, but only a few have done so, often at a steep cost. 2/8 ECB’s supervisor gives seal of approval to payout plans: Europe’s top banking regulator said the industry’s plans for rewarding shareholders aren’t excessive after some lenders dialed back payouts. “The distribution plans are sustainable from our perspective,” Andrea Enria, top oversight official at the ECB said in a Bloomberg inter- view. 2/6 S&P on banks outlook: According to S&P Global Market Intelligence, Eurozone lenders face holes in inter- est income, reduced liquidity, and higher deposit and financing costs as the end of the ultra-cheap money era begin. Q4 earnings show the first evidence of the effects of the European Central Bank (ECB)'s decision to hasten repayments due under its stimulus program, known as the third targeted longer-term refinancing operation (TLTRO III). 2/6 Lithuania may tax windfall bank profits: Lithuania may introduce a windfall tax on banks if profits continue to soar this year on the back of rising interest rates, the country's central bank governor and Finance Minister Gintare Skaiste said. As reported by Reuters, she added that extra proceeds to the government should be spent on de- fense. A special tax for banks has caused a lot of excitement in Spain. Issuer Date Issuer Date SPAREBANKEN SOR 2/10 STANDARD CHARTERED PLC 2/16 BPCE SA 2/10 COMMERZBANK AG 2/16 BARCLAYS PLC 2/15 NATWEST GROUP PLC 2/17 Sources: Bloomberg, Helaba Research & Advisory Reporting dates of selected banks Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 6 of 8 \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory, \* ASW-Spreads Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 162 0,66% 7,23% iBoxx € Cov. Germany 5,8 -0,7 1,0 iTraxx Senior Financial 84,6 -2,3 -4,5 10Yr-Yield 2,4 0,1 0,2 iBoxx € Cov. Bonds 18,9 -0,8 1,2 iBoxx € Supranational 18,1 -0,95 2,30 Swap 10J 2,9 0,0 0,1 iBoxx € Banks PS 63,5 -6,9 -18,7 iBoxx € Agencies 1,7 -0,69 0,13 iBoxx € Germany -43,6 2,4 3,5 iBoxx Banks NPS 91,2 -9,6 -32,8 iBoxx € Sub- Sov. Germany 10,4 -1,57 -1,41 iBoxx € EU 24,4 -1,1 2,9 iBoxx Banks Subordinated 155,2 -11,7 -37,5 iBoxx € Sub- Sovereign 26,3 -1,03 -0,49 Leisure tip for the weekend: Federal Art Gallery Bonn Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: 18 schöne Ausflugsziele und Sehenswürdigkeiten in NRW (coolibri.de) The Art and Exhibition Hall of the Federal Republic of Germany, known to friends as the Bundeskunsthalle, is something of a cultural signboard for Germany. On the one hand, it has the task of capturing and depicting the intellectual and cultural wealth of the Federal Republic, and on the other hand, it serves as a place of exchange with other cultures and their artistic tradi- tions. Further information: Bundeskunsthalle Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 7 of 8 Chartbook SSA, Covered Bonds, Senior Unsecured Senior 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 Feb.22 Apr.22 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 Banks Subordinated Banks Senior Bail-in Banks Senior Preferred Covered 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 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 Feb.22 Apr.22 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 EUR Covered Covered Germany SSA: Primary volumes SSA: 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 -25 -15 -5 5 15 25 35 -25 -15 -5 5 15 25 35 Feb. 22 Apr. 22 Jun. 22 Aug. 22 Okt. 22 Dez. 22 Feb. 23 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 9 February 2023 8 of 8 News from Research & Advisory  European banks: An optimistic outlook for 2023  Fokus on: Corporate Schuldschein: Burgeoning diversity creates new options for investors  Focus on: Primary Market update EUR Benchmark Bank Bonds Q4 2022  Focus on: Singaporean Covered Bonds - Top credit quality made in Asia  Credits: Corporate Schuldschein: Primary market 2022  Markets and Trends 2023  FOCUS ON CREDITS - BASEL III AND THE EU COUNCIL'S POSITION ON THE LEGISLATIVE PACKAGE  FOCUS ON: SUSTAINABLE FINANCE - THE RENDEZVOUS CLAUSE  FOCUS ON: CREDITS – BANK AND COVERED BOND PROFILES GERMANY  FOCUS ON: SSAS – GERMAN AGENCIES  FOCUS ON: COVERED BONDS – EUROPEAN COVERED BONDS: CENTRAL WEBSITE PROVIDES CLARITIY  FOCUS ON: CREDITS – LIVE DEALS – A USEFUL INDICATOR FOR PLANNING ISSUANCE  FOCUS ON: CREDITS – EUROPEAN BANKS: CLIMATE RISK STRESS TEST HIGHLIGHTS NEED FOR FURHTER ACTION  EUROPEAN BANKS: ACTIVITIES BECOMING EVER GREENER 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: Issuing activity in the SSA Segment eclipsed all others this week. Covered Bonds: Majority of oversubscription rates were significant. Senior Unsecured: Revitalization after finished blackouts. Chart of the week: ECB purchase programs – A chapter comes to an end.