---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-7
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 10 May 2024 © Helaba | Research & Advisory | 10 May 2024 1 of 7 Research & Advisory Weekly Market Update Primary market environment: The Bank of England has not changed its monetary policy, with two of the nine BoE members arguing for a rate cut. The door remains open for a summer hike. Collins of the Federal Reserve argues for rates to remain on hold until there is more confidence that inflation will fall. The primary market environment remains constructive. The temporary clouding of our heat map appears to be over. The picture has visibly brightened and the underlying positive tone is likely to continue. Primary market barometer In terms of number of transactions, the SSA segment was the most active this week. EUR 3.75bn of new issues were printed. The environment re- mains constructive, with further ac- tivity expected in the upcoming holi- day-free week. After an issue-free previous week, two primary market transactions took place since Monday. The French Caffil bond stood out with a strong order book of EUR 7.4bn. The long tenor of 15 years was also noteworthy. The en- vironment remains supportive and further issuance is expected. The approaching end of the reporting season has led to a welcome revival in the primary market this week. Issuers still have large refinancing needs this year and conditions are likely to re- main favourable over the next two weeks to meet these needs. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Optimism returns Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: LSEG, Helaba Research & Advisory IBOXX EURO 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0,01 -0,05 -0,09 0,51 2,49 3,91 European Union -0,06 -0,10 -0,34 -0,10 0,74 2,91 Germany Covered -0,01 -0,02 -0,29 -0,26 1,96 2,74 EU Covered -0,02 -0,04 -0,36 -0,49 1,07 2,68 Banks senior preferred -0,02 -0,08 -0,13 -0,73 -0,82 -0,21 Banks senior bail-in (SNP) -0,02 -0,11 -0,12 -0,67 -1,35 -0,75 Banks subordinated -0,02 -0,09 -0,08 -0,68 -1,72 -1,07 Supranational -0,05 -0,06 -0,29 0,01 0,94 2,98 Agencies -0,01 0,02 -0,42 0,03 1,89 3,81 Sub-Sovereigns Germany -0,02 0,01 -0,12 0,10 0,81 1,33 Sub-Sovereigns -0,04 -0,02 -0,27 0,04 0,97 2,24 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 2 of 7 SSAs The SSA market started the week rather quietly, with low turnover and very moderate spread move- ments. This changed on Tuesday with the announcement of the possible inclusion of EU bonds in the MSCI Government Bond Index. Until this news, EU bonds traded flat and in some cases slightly weaker than swaps. A wave of buying then set in and lasted until the close of trading, pushing EU bonds up to 5bp vs. swaps. Overall, the positive sentiment in the SSA segment continued, although the order books showed noticeable price sensitivity. In some cases, final order volumes were well below the highs reached during bookbuilding. The Free State of Saxony successfully opened the primary market this week with a EUR 500m (WNG) 10-year state bond. The target volume was achieved and the final spread tightened by 1bp to MS + 15bp vs. guidance. On Tues- day, NRW.Bank (EUR 1bn, 7 years, green) and the State of Berlin (EUR 500m, FRN, 6 years, WNG) took the stage. With an order book of EUR 3.2 bn, NRW.Bank easily crossed the finish line. The final spread tightened by 2 bp to MS +12 bp and pricing was without a premium to the secondary market curve. The Berlin floater achieved a book- building of EUR 600m. The series continued on Wednesday with ISB Rheinland-Pfalz (EUR 250m, 10 years, WNG) and the State of Baden-Württemberg (EUR 1bn, 5 years, WNG). Baden-Württemberg's final spread tightened by 2bp to MS + 3bp with an order book of EUR 1.23bn. ISB's final spread was unchanged from the guidance of MS + 22bp. No book was published, suggesting that the issue was only partially successful. No order book was pub- lished for the NRW issue either. Pricing was unchanged from guidance at MS -2bp. Outlook: The market is expecting a new long end EU issue early next week, which should be well received in the circumstances outlined above. Other EU names were only marginally higher, but should start the week well sup- ported by the performance of EU bonds. Covered Bonds After no new issuance in the previous week, Tuesday saw a more mixed picture in the covered bond segment. Caffil (EUR 500m, 15 years, public sector), the largest French issuer of public sector cov- ered bonds, and SpareBank 1 Boligkreditt (EUR 1bn, 10 years) were the two transactions that kept the primary market busy on the day. The 15-year Caffil was in high demand with an order book of EUR 7.4bn. This was certainly due to the fact that this was the first 15-year issue in the European primary market for around two years and there was some pent-up demand in this maturity segment. Given the success of the transaction, more issuers are likely to return to long maturities in the future. The SpareBank 1 Boligkreditt book was 1.5 times oversubscribed. Outlook: The "newcomer" to the covered bond market, Standard Chartered Bank (Singapore), is already in the pipeline with a 3-5 year EUR benchmark. The bank's new covered bond programme will be launched at an investor event on 13 May. The environment remains constructive and further issuance is likely in the pipeline. Overall, how- ever, we continue to see confirmation of our annual issuance forecast of EUR 160bn, especially as the current vol- ume of EUR 94bn is the first time it has fallen below the comparable figure (EUR 96bn) from 2022 onwards (see chart in annex). Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,875% Sachsen - /AAA/- 0,500bn 15.05.2034 ms +15 bps 06.05.2024 0,525bn ms + 16 area 2,750% NRW.BANK Aa1 /AA/AAA 1,000bn 15.05.2031 ms +12 bps 07.05.2024 3,200bn ms + 14 area 3m€ +11 Bp Berlin Aa1 /-/AAA 0,500bn 15.05.2030 ms +11 bps 07.05.2024 0,600bn 3m€ + 11 area 2,875% ISB Rheinland-Pfalz - /-/AAA 0,250bn 17.05.2034 ms +22 bps 08.05.2024 not disclosed ms + 22 area 2,750% Land Baden-Wuerttemberg Aaa /AA+/- 1,000bn 16.05.2029 ms +3 bps 08.05.2024 2,100bn ms + 5 area 3,000% Land NRW Aa1 /AA/AAA 0,250bn 24.05.2027 ms -2 bps 08.05.2024 not disclosed ms -2 Bp Sources: Bloomberg, Helaba DCM € SSAs issues week of 6 May 2024 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 3 of 7 Senior Unsecured The reporting season is drawing to a close. This, together with the more favourable market environ- ment, has led to a significant increase in issuance activity for senior unsecured bank bonds. On Tues- day alone, there were 5 transactions in EUR benchmark format with a total volume of EUR 4.25bn. There were also mezzanine issues from Banco Santander, Erste Group and ING Group. While Norway's SpareBank 1 issued a preferred bond, Bayern LB, Citigroup and Lloyds Banking Group issued non-preferred bonds. The new securities have maturities of between 4 and 8 years. Citigroup issued two tranches, one with a fixed coupon and one with a floating coupon. All transactions were very successful, with spreads tightening significantly during the bookbuilding process and good oversubscription rates. Lloyds Banking Group's 7-year non-preferred bond was particularly popular, with an issue size of EUR 1bn, which was almost five times oversubscribed. Like Bayern LB's fixed-rate bond and Citigroup's floating-rate bond, this was a green issue. Outlook: We expect to see strong issuance in this segment over the next two weeks. On the one hand, most com- panies have now published their quarterly reports, so that they are no longer subject to blackouts, and on the other hand the market environment is proving to be encouragingly receptive. The upcoming central bank meet- ings in early June could then have a dampening effect. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,125% CaFFiL Aaa /AA+/AAA 0,500bn 17.05.2039 ms +45 bps 07.05.2024 7,400bn ms + 45-48 bps 3,000% SpareBank 1 Boligkreditt Aaa /-/- 1,000bn 17.05.2034 ms +36 bps 07.05.2024 1,500bn ms + 40 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 6 May 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.375% SpareBank 1 SR-Bank Aa3 /-/- 0.500bn 14.11.2029 ms +72 bps 07.05.2024 1.100bn ms + 100 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 6 May 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.750% Bayerische Landesbank A1 /-/A- 0.500bn 14.02.2031 ms +105 bps  07.05.2024 1.450bn ms + 130/135 bp 3m€ +60 Bp Citigroup Inc. A3 /BBB+/A 0.750bn 14.05.2028 ms +60 bps  07.05.2024 2.100bn 3m€ + 85 area 3.750% Citigroup Inc. A3 /BBB+/A 1.500bn 14.05.2032 ms +105 bps 07.05.2024 4.100bn ms + 130 area 3.875% Lloyds Banking Group plc A3 /BBB+/A 1.000bn 14.05.2031 ms +118 bps  07.05.2024 4.900bn ms + 150 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 6 May 2024 „Credit markets breathe a sigh of relief! After the turbulent days leading up to and during the Fed's rate deci- sion and some negative balance sheet outlooks from major companies, last Friday's US employment data is a balm for battered souls. The prospect of a rate hike, which had been postponed, has been rekindled. Spreads widened again in the short term and the iTraxx indices hit new series lows following the bullish equity mar- kets.“ Comment from Helaba’s trading room Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 4 of 7 Chart of the Week Cyber threats have become more aggres- sive, with an increasing number of attacks attempting to disrupt services or attain un- authorised access to data and services, in- cluding ransomware, according to the re- cently published Spring 2024 Joint Com- mittee risk assessment of the three Euro- pean Supervisory Authorities. The impact from cyber attacks has thus to date been limited. In the banking sector, it will however be important to reflect on find- ings from cyber resilience testing currently underway, according to the report. A combi- nation of heightened geopolitical instability and increased reliance on digital solutions is increasing cyber insecurity. Looking forward, reliance on IT outsourcing is expected to drive cyber activity in 2024. Developments highlight the importance of the ESAs jointly addressing risks connected to cyber resilience and have strengthened the expectations on the application of the Digital Operational Resilience Act (DORA). Short news 5/7 Standard Chartered Bank (Singapore) Limited joins the Covered Bond Label: The Covered Bond Label Foundation (CBLF) is delighted to announce that Standard Chartered Bank (Singapore) Limited (SCBSL) has joined the community of labelled issuers, which now counts 142 issuers and 178 cover pools in 25 jurisdictions. 5/6 Fitch Affirms 4 Portuguese Covered Bond Programmes: Fitch Ratings has affirmed the Portuguese mortgage covered bonds (Obrigacoes Cobertas, ObC) issued by Banco Comercial Portugues, S.A. (BCP, BBB-/Stable/F3), Caixa Economica Montepio Geral, Caixa economica bancaria, S.A. (Banco Montepio, BB/Stable/B), Caixa Geral de Deposi- tos, S.A.'s (CGD, BBB/Stable/F3) and Banco Santander Totta S.A.'s (Totta, A-/Stable/F2). 5/6 KfW sells first blockchain-based digital bond: German state-owned development bank KfW is preparing to issue its first blockchain-based digital bond in the form of a crypto security, according to Bloomberg. KfW has al- ready issued its first digital bond in the form of a central register security under the German Electronic Securities Act (eWpG). "We are now taking the next big step with the issue of a blockchain-based bond, for which we want to attract as many investors as possible," said treasurer Tim Armbruster in a statement. 5/6 Revival of EU Single Market – Defining the road ahead: The European Single Market – one of the EU’s great- est achievements – is stuttering, according to several industry stakeholders. Their concerns include too much frag- mentation, excessive bureaucracy, and lack of harmonised rules. Former Italian Prime Minister Enrico Letta was Issuer Date Issuer Date OBERBANK AG 5/13 COMMERZBANK AG 5/15 DEUTSCHE PFANDBRIEFBANK AG 5/14 ABN AM RO BANK NV-CVA 5/15 AAREAL BANK AG 5/15 KBC GROUP NV 5/16 Sources: Bloomberg, Helaba Research & Advisory Reporting dates of selected banks Regulators warn of growing cyber risks % % Sources: EIOPA Insurance risk dashboard, Helaba Research & Advisory Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 5 of 7 tasked with preparing a report on the future of the Single Market, set to be discussed by European heads of gov- ernment in the coming months. (Euroactiv) 5/3 Euro area bank interest rate statistics: The European Central Bank published the Euro area bank interest rate statistics for March 2024. Composite cost-of-borrowing indicator for new loans to corporations increased to 5.18%, driven by interest rate effect; indicator for new loans to households for house purchase decreased by 5 basis points to 3.80%, driven by interest rate effect \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 200 1,52% 5,28% iBoxx € Cov. Germany 26,4 -0,4 -5,4 iTraxx Senior Financial 59,4 -3,5 -4,9 10Yr-Yield 2,50 -0,06 0,02 iBoxx € Cov. Bonds 31,5 -0,7 -6,1 iBoxx € Supranational 30,1 -1,2 -6,2 Swap 10J 2,78 -0,04 0,03 iBoxx € Banks PS 65,4 -2,1 -5,1 iBoxx € Agencies 15,7 0,2 -6,1 iBoxx € Germany -16,38 -0,87 -3,65 iBoxx Banks NPS 84,4 -3,7 -6,0 iBoxx € Sub-Sov. Germany 23,6 -0,1 -4,5 iBoxx € EU 35,44 -1,91 -7,55 iBoxx Banks Subordinated 141,2 -4,3 -6,4 iBoxx € Sub-Sovereign 38,1 -0,7 -5,8 Leisure tip for the weekend: Experience height Wald-Michelbach (Hesse) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: www.familienausflug.info/ausflugsziel/erlebnishohe-wald-michelbach The Odenwald is famous for the Nibelungen saga. In the heart of the Berg- strasse-Odenwald Nature Park, nature is still unspoilt and offers an unfor- gettable day out. Embedded in the beautiful landscape of the Überwald, the southern part of the Odenwald, the summer toboggan run and the Wald-Michelbach climbing forest offer a unique leisure experience close to nature, where tobogganing, adrenalin and adventure are very important. This is what sets the summer toboggan run and climbing forest apart from conventional amusement parks. Find out more: Experience height Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 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: 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 05/23 07/23 09/23 11/23 01/24 03/24 05/24 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 40 0 5 10 15 20 25 30 35 40 05/23 07/23 09/23 11/23 01/24 03/24 05/24 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 -5 5 15 25 35 45 -5 5 15 25 35 45 05/23 07/23 09/23 11/23 01/24 03/24 05/24 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 10 May 2024 7 of 7 News from Research & Advisory  Focus on Credit: “Primary market update EUR benchmark bank bonds Q1 2024”:  Focus on Credit: "Corporate Schuldschein: Primary market Q1 2024  Focus on Covered Bonds: APAC Covered Bonds: "Popular securities, limited supply"  Focus on Credit – MayorEuropean Banks: Heading into 2024 with strong credit risk buffers  Focus on: Credit - Primary market update bank bonds  Focus on: Credit – Primary market update corporate bonds  Focus on: Credit – Primary market update Schuldschein  Focus on: Credit – European banks: The sharpening contours of ESG disclosure  Markets & Trends 2024 – Global economy in a transition game Please feel free to contact us Publisher and editorial office Helaba Research & Advisory Editor: Sabrina Miehs 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

SSAs: Order books show noticeable price sensitivity. Covered bonds: Long maturities back in demand. Senior Unsecured: Encouraging recovery at the end of the blackout period. Chart of the week: Regulators warn of growing cyber risks.