---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update-18
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 12 January 2023 © Helaba | Research & Advisory | 12 January 2023 1 of 7 Research & Advisory Weekly Market Update Primary market environment: The flood of issues on the primary markets continues. Corporate bankruptcies in Germany increased in 2022. In the USA, CPI data showed that price dynamics continued to decline at the end of last year. The confidence of market participants that key in- terest rates in the Eurozone will be raised less significantly in the future remains unbroken. The picture of our risk trend indicator hardly differs from that of the previous week. The prevailing risk aversion in the market continues. Primary market barometer Issuing activity in the SSA segment also picked up momentum at the be- ginning of this week. Overall, how- ever, it must be stated that a certain normalisation is becoming apparent. The oversubscription rates, for exam- ple for the EFSF, are no longer as sig- nificant as they were last year. The flood of issues on the primary market continued with high momen- tum in the second week of the year. The maturities chosen by the issuers as well as the level of spreads and new issue premiums play a signifi- cant role. Overall, issuance is going well at the moment. The flood of new issues continues to rise; the volume recently placed in this segment is record-breaking. Investors remain sensitive, but are being per- suaded by attractive yields. Issuers will continue to make active use of open market windows in view of high maturities. Covered Bonds Senior Unsecured SSA Risk trend indicator: No all-clear 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 -0,05 0,66 1,51 0,30 -0,74 European Union 0,09 0,09 0,26 0,70 2,44 2,73 Germany Covered 0,05 0,02 -0,02 0,31 1,07 0,36 EU Covered 0,02 0,02 0,02 0,27 0,71 0,50 Banks senior preferred 0,04 0,04 0,45 -0,69 1,95 1,64 Banks senior bail-in (SNP) 0,03 0,03 0,37 -0,86 2,04 1,73 Banks subordinated -0,02 0,02 0,27 -1,21 1,85 1,55 Supranational 0,09 0,10 0,23 0,86 1,96 1,95 Agencies 0,04 -0,07 0,28 1,10 0,65 0,16 Sub-Sovereigns Germany 0,06 0,06 0,01 0,82 -0,19 -0,65 Sub-Sovereigns 0,08 0,06 0,14 0,73 0,81 0,42 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 2 of 7 SSA As we expected, SSA primary market activity picked up significantly this week. A total of 15 transac- tions with a volume of EUR 25.75 billion were successfully concluded. Issuers from different jurisdic- tions such as the ESFS and Export Development Canada were represented with maturities of up to 20 years. The marketing of the EFSF started with an initial spread target of MS -22 for the 2026 maturity and MS + 8 for the 2033 maturity. Given that the upper books were oversubscribed by 2.5 and 2.9 times respectively, the spreads were ulti- mately able to tighten by 2 bp. for both tranches. The SSA market environment is currently favourable, so that the majority of issuers met with good demand. How- ever, there are signs of normalisation in the oversubscription rates. In our view, the increasing trend in new issue premiums - partly due to the large number of issues - also played a role. The ASW spreads of the SSAs continue to run out, and in some cases, such as for Supras and the Agencies, new 52-week highs were recently marked. These are considered to be procyclical in nature, so that the probability of a continuation of the trend direction is high. Outlook: We expect the lively issuing activity to continue in the coming weeks. Issuers and investors alike are tak- ing advantage of the opportunities that present themselves. Covered Bonds This week, the high level of issuing activity that had already begun in the previous week continued. A total of 13 issues with a total volume of EUR 12.25 billion were placed. A trend towards dual or multi- tranche transactions is currently emerging. With this type of transaction structure, it is possible to address differ- ent groups of investors who are interested in different maturities. DZ Hyp, BPCE SFH and Deutsche Bank chose such a format this week. It was DZ Hyp's 3-year green covered bond that stood out with an order book of around Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,750% EFSF AAA /AA/AA 2,000bn 17.08.2026 ms -24 bps 09.01.2023 5,000bn ms - 22 area 2,875% EFSF AAA /AA/AA 4,000bn 16.02.2033 ms +6 bps 09.01.2023 11,400bn ms + 8 area 0,375% Rentenbank Aaa /AAA/AAA 0,500bn  14.02.2028 ms -12 bps 09.01.2023 not disclosed ms - 12 area 3,000% Rheinland-Pfalz - /-/AAA 1,000bn 15.01.2025 not disclosed 09.01.2023 not disclosed not disclosed 2,875% Council of Europe Development Bank Aa1 /AAA/AA+ 1,000bn 17.01.2033 ms +7 bps 10.01.2023 1,250bn ms + 8 area 3,000% CADES Aa2 /AA/- 5,000bn 25.05.2028 FRTR +42 bp  10.01.2023 31,000bn FRTR +45 area 3,500% Société du Grand Paris Aa2 /-/AA 1,000bn 25.05.2043 FRTR +51 bp  10.01.2023 3,600bn FRTR +53 area 3,000% Agence France Local Aa3 /AA-/- 0,750bn 20.03.2030 FRTRs +54 bp 11.01.2023 1,900bn FRTRs + 57 area 2,875% Municipality Finance Plc Aa1 /AA+/- 1,500bn 18.01.2028 ms +0 bps 11.01.2023 3,600bn ms + 2 area 2,900% IBRD Aaa /AAA/- 3,000bn 19.01.2033 ms +11 bps  11.01.2023 4,300bn ms +12 area 2,875% SFIL Aa2 /AA/- 1,500bn 18.01.2028 FRTR +45 bp 11.01.2023 4,600bn FRTR +49 area 2,750% Saarland - /-/AAA 0,500bn 18.01.2030 -3 bp 11.01.2023 0,740bn ms - 3 area 2,875% Export Development Canada Aaa /AAA/- 2,000bn 19.01.2028 0 bp  11.01.2023 2,600bn ms + 1 area 2,875% KommuneKredit Aaa /AAA/- 0,500bn 19.01.2035 21 bp 12.01.2023 0,475 bn ms + 21 area 2,875% Agence Francaise de Developpement - /AA/AA 1,500bn 21.01.2030 FRTRs +51 bp  12.01.2023 2,100 bn FRTRs +53 area Sources: Bloomberg, Helaba DCM € SSA issues week of 9 January 2023 "The second trading week, unsurprisingly, continues to be dominated by high-pressure primary markets. In the process, the daily deluge of fresh product in all asset classes is leading to elevated NIPs - a textbook buy- er's market. The main reason for the high level of activity, even taking seasonal patterns into account, is un- doubtedly the central banks' imminent withdrawal from QE measures. These had strongly supported the mar- ket for years. " Comment from the Helaba trading floor Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 3 of 7 EUR 4 billion and eight times oversubscription. Overall, demand continues to focus on the short to medium ma- turity range. Remarkably, it is again possible to successfully place longer maturities of 10 years, for example. New issue premiums remain at an elevated level. As in the previous week, price sensitivity in the order books remains high in some cases, which limits the potential for tightening spreads. Overall, the chance of tightening spreads is still greatest for short-dated issues of "national champions", especially if the issue volume was already limited at the beginning of marketing. On the secondary market, risk premiums on existing bonds are being pulled upwards as a result of the usual switching activities of clients, "out of old, into new". In terms of maturities, short maturities remain the sweet spot. A widening of secondary market spreads can be observed. According to the statements of Isabell Schnabel, member of the Executive Board of the European Central Bank (ECB), green investments will probably be given greater importance by the central bank in the future. Initially, it seems that supras, agencies and corporates will be in the focus. Such an approach should ultimately also affect covered bonds. In our opinion, this would give green covereds in particular, but also other ESG covereds, relative spread support. Outlook: In our view, the high volume of issuance is likely to continue in the coming weeks. In particular, high ma- turities and the ECB's continued activities until the end of February support this trend. Senior Unsecured The flood of new issues continues to rise - even for a start of the year, the last few days have been record-breaking. In the first three trading days of the current week alone, a volume of EUR 12.8 bil- lion in senior unsecured bank bonds in EUR benchmark format with fixed coupons came to the market. Of the total of 15 transactions, 13 were preferred-ranked. Our expectation that issuers will make increased use of this asset class in the current year is therefore more than fulfilled. In the receptive market environment, issuers are managing to structure transactions in line with demand and also to push through somewhat longer maturities. Investors, on the other hand, continue to have shorter investment horizons and are highly spread-sensitive, as is also evident from the dual tranche deals. It is also striking that floaters are being placed again in the current interest rate environment. While the primary market remains in focus in the second trading week of this year, the secondary market is slowly getting into swing. However, the spreads of recently issued bonds developed quite differently. Issuers seem to want to waste no time and are taking advantage of the open market window to refinance their extensive maturities this year. The friendly market environment with a confident credit outlook for the banking industry is paving the way for this. 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 16.01.2026 ms -4 bps 09.01.2023 4,000bn ms + 1 area 3,000% DZ HYP AG Aaa /AAA/- 0,500bn 30.11.2032 ms +13 bps 09.01.2023 1,300bn ms + 16 area 3,250% Bank of Nova Scotia Aaa /-/AAA 1,750bn 18.01.2028 ms +35 bps 09.01.2023 2,000bn ms + 38 area 3,125% BPCE SFH Aaa /AAA/- 1,750bn 20.07.2027 ms +19 bps 10.01.2023 2,600bn ms + 23 area 3,125% BPCE SFH Aaa /AAA/- 1,000bn 20.01.2033 ms +34 bps 10.01.2023 1,250bn ms + 36 area 3,000% Deutsche Bank AG Aaa /-/- 0,500bn 18.01.2027 ms +5 bps 10.01.2023 1,900bn ms + 10 area 3,000% Deutsche Bank AG Aaa /-/- 0,500bn 18.07.2030 ms +16 bps 10.01.2023 1,100bn ms + 20 area 3,000% Sparkasse Pforzheim Calw - /-/AAA 0,500bn 18.01.2027 ms +8 bps 10.01.2023 1,700bn ms + 12 area 2,875% NORD/LB Aa1 /-/- 0,500bn 19.03.2030 ms +15 bps 11.01.2023 0,650bn ms + 15 area 3,125% BBVA Aa1 /-/- 1,500bn 17.07.2027 ms +27 bps 11.01.2023 2,709bn ms + 32 area 3,125% RLB Steiermark AG Aaa /-/- 0,500bn 18.01.2027 ms +24 bps 11.01.2023 0,880bn ms + 27 area 3,000% UniCredit Bank Austria AG Aaa /-/- 1,000bn 31.07.2026 17 bp 12.01.2023 1,55bn ms + 20 area 2,875% Rabobank Aaa /-/- 1,250bn 19.01.2033 19 bp 12.01.2023 1,55bn ms + 23 area 2,875% Deutsche Pfandbriefbank AG Aa1 /-/- 0,500bn 19.01.2029 16 bp 12.01.2023 0,46bn ms + 16 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 9 January 2023 Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 4 of 7 In our outlook for 2023 published yesterday, we ex- pect the credit trend for the European banking sector to remain stable. The sector could once again be one of the outperformers in 2023, not least thanks to fur- ther increases in interest rate gains. In addition, fol- lowing the regulatory reforms of recent years, institu- tions have very robust balance sheet quality with high capital ratios. Outlook: The issuance needs of European banks in 2023 are again extremely high. The main reasons for this are high maturities and regulatory requirements for total liable capital (MREL/TLAC). We therefore ex- pect a record volume of around EUR 180 billion of fixed coupon EUR benchmark bank bonds to come to the market in 2023 as a whole, unchanged from the previ- ous year (see our publication "Primary Market Update EUR Benchmark Bank Bonds" of Jan. 9, 2023). Issuers will therefore continue to make active use of open market windows and lose no time in doing so. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3m€+55 Bp Banco Santander, S.A. A2 /A+/A 2,000bn 16.01.2025 ms +55 bps 09.01.2023 3,100bn 3m€ +80 area 3,750% Banco Santander, S.A. A2 /A+/A 1,750bn 16.01.2026 ms +80 bps 09.01.2023 2,300bn ms + 100/105 bp 3,875% Banco Santander, S.A. A2 /A+/A 1,250bn 16.01.2028 ms +110 bps 09.01.2023 1,800bn ms + 130/135 bp 4,000% Erste Group Bank AG A2 /A+/A 0,750bn 16.01.2031 ms +125 bps 09.01.2023 1,500bn ms + 150 area 3,703% Westpac Banking Corporation Aa3 /AA-/- 1,000bn 16.01.2026 ms +60 bps 10.01.2023 1,400bn ms + 75/80 bp 3,799% Westpac Banking Corporation Aa3 /AA-/- 0,500bn 17.01.2030 ms +90 bps 10.01.2023 0,825bn ms + 105/110 bp 4,800% UniCredit S.p.A. Baa1 /BBB/BBB 1,000bn 17.01.2029 ms +190 bps 10.01.2023 2,400bn ms + 220 area 3m +98 Bp NatWest Markets Plc A1 /A-/A+ 0,750bn 13.01.2026 ms +98 bps 10.01.2023 1,500bn 3m€ 130 area 4,250% NatWest Markets Plc A1 /A-/A+ 0,750bn 13.01.2028 ms +130 bps 10.01.2023 1,250bn ms + 155 area 4,125% BAWAG P.S.K. A2 /-/- 0,500bn 18.01.2027 ms +115 bps  10.01.2023 1,200bn ms + 140/145 bp 7,250% Luminor Bank AS Baa1 /-/- 0,300bn 16.01.2026 ms +397 bps 10.01.2023 0,500bn 4,000% Länsförsäkringar Bank AB A1 /A/- 0,500bn 18.01.2027 ms +115 bps  11.01.2023 1,000bn ms + 140/145 bp 3,652% Australia and New Zealand Banking Group Ltd. AA3 /AA-/A+ 1,000bn 20.01.2026 60 bp 11.01.2023 1,450bn ms + 75/80 bp 4,000% Credit Agricole SA Aa3 /A+/AA- 1,000bn 18.01.2033 120 bp 11.01.2023 2,100bn ms + 140/145 bp 4,875% Banco BPM S.p.A. Ba1 /-/BBB- 0,750bn 18.01.2027 205 bp  11.01.2023 1,400bn ms + 230 area 6,250% Banca IFIS S.p.A. Baa3 /-/BB+ 0,300bn 19.01.2027 337 bp 12.01.2023 0,400bn 6,875% Iccrea Banca S.p.A. - /BB/BB- 0,500bn 20.01.2028 400 bp  12.01.2023 0,750bn 7,125% Raiffeisenbank a.s. Baa2 /-/- 0,500bn 19.01.2026 393 bp 12.01.2023 Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 9 January 2023 „On the secondary market, new issues continue to be the benchmark. The respective performance in second- ary trading is mixed. Despite the mass of new issues, turnover is lagging expectations and relatively few "old" bonds are being sold to free up lines for new issues. Surprisingly, some real money accounts are already starting to offload the new issues. This is usually more familiar from another counterparty group.” Comment from the Helaba trading floor Ukrainekrieg und Inflation sind Hauptsorgen Reasons for providing overlays in credit risk provisioning for reasons other than COVID-19. Soures: EBA, Helaba Research & Advisory 5% 5% 8% 10% 27% 40% 70% ESG risks Data deficiencies Political uncertainties (other than related to Russia/Ukraine) Methodological deficiencies Other Inflation scenario Russia’s invasion of Ukraine Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 5 of 7 \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory, \* ASW-Spreads Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,000% ABN AMRO Bank NV Baa1 /BBB/A 1,000bn 16.01.2028 ms +115 bps 09.01.2023 1,950bn ms + 140/145 bp 4,875% Bank of Ireland Group plc A3 /BBB-/BBB 0,750bn 16.07.2028 ms +205 bps  09.01.2023 5,000bn ms + 245 area 4,375% La Banque Postale Baa2 /BBB-/A 0,750bn 17.01.2030 ms +155 bps 09.01.2023 1,030bn ms + 170-175 bp 4,375% BNP Paribas SA Baa1 /A-/A+ 1,000bn 13.01.2029 ms +145 bps  10.01.2023 1,700bn ms + 175 area 3m€ +43 Bp Royal Bank of Canada A1 /A/AA- 1,750bn 17.01.2025 ms +43 bps 10.01.2023 1,900bn 3m€ 60 area 5,125% Commerzbank AG Baa2 /BBB-/- 0,750bn 18.01.2030 240 bp 11.01.2023 4,100bn ms + 270 area 3m€ +45 Bp Toronto-Dominion Bank A1 /A/AA- 2,000bn 20.01.2025 3m€ 45 bp 12.01.2023 3m€ 60 bp area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 9 January 2023 Issuer Date JPMORGAN CHASE & CO 01/13 CITIGROUP INC 01/13 BANK OF AMERICA CORP 01/13 WELLS FARGO & CO 01/13 GOLDMAN SACHS GROUP INC 01/17 BANKINTER SA 01/19 Sources: Bloomberg, Helaba Research & Advisory Reporting dates of selected banks E-STOXX 600 Banks 151 1,49% 8,91% iBoxx € Cov. Germany 4,9 -0,3 -1,1 iT raxx Senior Financial 89,1 -4,1 -3,2 10Yr-Yield 2,2 -0,1 0,3 iBoxx € Cov. Bonds 17,8 0,1 -0,3 iBoxx € Supranational 15,9 0,65 2,21 Swap 10J 2,8 -0,1 0,2 iBoxx € Banks PS 82,3 -0,6 10,7 iBoxx € Agencies 1,6 -1,17 2,76 iBoxx € Germany -47,0 -0,9 7,3 iBoxx Banks NPS 124,0 -1,7 11,5 iBoxx € Sub-Sov. Germany 11,8 0,81 0,31 iBoxx € EU 21,6 0,5 2,8 iBoxx Banks Subordinated 192,6 -1,5 12,9 iBoxx € Sub-Sovereign 26,7 0,43 1,53 Leisure tip for the weekend: Merkers Adventure Mine, (Krayenberg municipality OT Merkers) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://wwwe.erlebnisbergwerk.de Deep beneath the hills of the Rhön, a valuable treasure has been buried for millions of years: Potash rock. For almost a hundred years the minerals were mined in the Merkers mine, and now you can explore this special place for yourself. Experience hands-on mining technology, follow the traces of the legendary Reichsbank treasure in the historic gold room, and marvel at the sparkle of the giant salt crystals in the crystal grotto, the only one of its kind in the world. More information: Merkers Adventure Mine Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 6 of 7 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 Jan.22 Mrz.22 Mai.22 Jul.22 Sep.22 Nov.22 Jan.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 Jan.22 Mrz.22 Mai.22 Jul.22 Sep.22 Nov.22 Jan.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 Jan. 22 Mrz. 22 Mai. 22 Jul. 22 Sep. 22 Nov. 22 Jan. 23 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSA & Financials – Weekly Market Update © Helaba | Research & Advisory | 12 January 2023 7 of 7 News from Research & Advisory  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

Covered bonds: Price sensitivity in the order books remains high SSA: Primary market activity picks up significantly. Senior unsecured: The year gets off to a record-breaking start.