---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-12
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 4 April 2024 © Helaba | Research & Advisory | 4 April 2024 1 of 7 Research & Advisory Weekly Market Update Primary market environment: Equity markets continue to celebrate and gold continues to hit new record highs. According to Fed Chairman Powell, rate cuts will only be possible when there is more confidence that inflation is falling. The overall constructive primary market will be affected by the Easter holidays in the short term, but should pick up again next week. Our heat map continues to be a colourful affair, with green once again dominating in the short term. However, due to the volatility, a clear trend is not yet apparent. Primary market barometer The SSA primary market is still on Easter break. Only one issue from Saarland was seen. However, activity is expected to pick up next week as many participants are expected to re- turn to the market. Only two issues were printed in the covered bond market this week. Both were oversubscribed. We believe that the pipeline for the coming weeks is already well filled and that the primary market will soon pick up again. The subdued activity due to the Easter break is also evident in the senior un- secured segment. Only three non-pre- ferred benchmark issues have been offered so far this week. However, we expect to see significantly more issu- ers using the window for transactions next week. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): The mood swings continue 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 0,00 0,07 0,08 0,99 2,47 3,48 European Union -0,01 0,05 -0,08 0,38 1,18 2,91 Germany Covered -0,04 -0,03 -0,21 0,47 2,27 3,00 EU Covered -0,06 -0,05 -0,31 -0,05 1,40 2,85 Banks senior preferred -0,05 -0,04 -0,41 -0,77 -0,42 1,21 Banks senior bail-in (SNP) -0,05 -0,05 -0,39 -0,86 -0,90 0,56 Banks subordinated -0,06 -0,05 -0,38 -0,73 -1,18 0,47 Supranational -0,02 0,01 -0,08 0,39 1,24 2,96 Agencies -0,03 0,17 0,14 0,72 2,32 3,25 Sub-Sovereigns Germany -0,04 -0,03 -0,05 0,26 0,81 0,97 Sub-Sovereigns -0,04 0,02 -0,07 0,40 1,19 2,19 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 2024 2 of 7 SSAs Trading in the Euro-SSA segment remains very quiet. The EU curve remains under supply pressure and is trading at its highest level since the end of last year. No issues were seen in the primary mar- ket on Tuesday. On Wednesday, Saarland woke up the primary market from its post-Easter lull with a 7-year benchmark (EUR 500m, WNG). The issue was well received and the order book exceeded the target volume after only one hour. Due to some spread sensitivity, the re-offer spread was left unchanged at the original spread target of MS +14bp. There were no further issues. The outlook remains cautious, but we expect higher supply next week, which should put further pressure on spreads. Covered Bonds After the absence of primary market transactions in the previous week, business picked up after the Easter holidays. Whether this is due to the return of the primary market or the start of the new quar- ter remains to be seen, but both are likely to be factors. CA Home Loan SFH kicked things off on Tuesday with a 'short' 9-year benchmark. The French covered bond issuer printed EUR 1.25bn and the book was almost 1.8x oversubscribed. With a final spread of MS +34bp, the premium of French covered bonds over German Pfandbriefe continues to tighten. The trend towards very low new issue pre- miums is also continuing. Crédit Agricole, for example, was able to issue at no significant premium to the relevant secondary curve. On Wednesday, the Mortgage Society of Finland followed with a sub-benchmark (EUR 300m, 5 years), rounding off the week's offering. Again, investor interest significantly exceeded the size of the issue, allow- ing the issuer to offer attractive pricing. Outlook: The primary market is expected to pick up noticeably next week, with most issuance concentrated in the run-up to the ECB rate decision. Equitable Bank has already mandated a covered - its first in social format. Helaba would like to draw your attention to the upcoming pan-European Non Deal Related Roadshow (NDR) of Maybank Singapore Limited, for which Helaba has been mandated as Arranger. From 15 to 19 April, Helaba will accompany the issuer on its roadshow and present the new Covered Bond Programme. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,750% Saarland - /-/AAA 0,500bn 10.04.2031 ms +14 bps 03.04.2024 0,780bn ms +14 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 1 April 2024 „German Pfandbriefe are still not high on the agenda for foreign investors. At the start of the week, French bonds were in demand, as were Canadian bonds (notably TD securities, both fixed and floating rate, all ma- turing in 2024). The current steepening of yield curves should support demand for longer maturities if this trend proves to be sustainable. This should ultimately lead to a renaissance of maturities beyond the cur- rent 12 years by investors (particularly in the insurance universe).” Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 2024 3 of 7 Senior Unsecured The subdued activity due to the Easter break is also evident in the senior unsecured segment. Only three non-preferred benchmark issues have been offered so far this week. However, the market envi- ronment remains very constructive, as evidenced by the strong spread tightening in both bookbuilding and sec- ondary trading. Danske Bank and Irish Permanent TSB Group were active on Wednesday with 3 and 6 year maturities respec- tively. The order book for Danske Bank's floating-rate bond quickly rose to over EUR 2bn, demonstrating the strong demand for short-dated floaters (for more on the rising share of floaters, see our Q1 2024 Primary Market Update published yesterday). Today, the Bank of Montreal follows with a 3-year non-preferred bond, also with a floating rate. Outlook: The Easter holidays are largely over, but quarterly reporting and the associated blackout period are just around the corner: US banks open the reporting season on Friday next week. We therefore expect significantly more issuers using this window for transactions next week. European banks' funding needs will remain high in 2024. The main reasons for this are long maturities and declining customer deposits (see also our Primary market update on EUR benchmark bank bonds published on 3 April 2024). Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% Credit Agricole Home Loan SFH Aaa /AAA/AAA 1,250bn 11.12.2032 ms +34 bps 02.04.2024 2,200bn ms +42 area 3,125% Mortgage Society of Finland - /AAA/- 0,300bn 10.04.2029 ms +43 bps 03.04.2024 0,875bn ms +50 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 1 April 2024 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 € Senior Preferred issues week of 1 April 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,250% Permanent TSB Group Holdings p.l.c. Baa2 /-/BBB- 0,500bn 10.07.2030 ms +160 bps  03.04.2024 2,600bn ms +195 area 3m€+65 Bp Danske Bank A/S Baa2 /BBB+/A+ 1,000bn 10.04.2027 ms +65 bps 03.04.2024 2,700bn 3m€ +95 area 3m€ +47 Bp Bank of Montreal A2 /A-/AA- 1,000bn 12.04.2027 3m€ +47 04.04.2024 1,750bn 3m€ +75/80 Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 1 April 2024 „The cash market in both the preferred and non-preferred segments is trading almost unchanged week-on- week, holding its ground at tight levels. It will be exciting to see how things continue after the Easter break and with an increase in primary market activity. The new bonds, along with the new price points, will show whether the strength in the cash market is sustainable or whether it has only lasted this long due to a lack of new issuance. Investor flows were below average due to the short week.” Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 2024 4 of 7 Chart of the Week The primary market volume of senior unsecured and covered bank bonds in EUR benchmark format fell by 12% year-on-year to EUR 144bn in the first quarter of 2024. However, 2023 was a record year. Compared to the aver- age of the years 2018 to 2022, the primary market volume in the first quarter of 2024 was around 40% higher. The largest year-on-year decline was in preferred securities, where issuance fell by 40% year-on-year to EUR 25 bn. TLTRO refinancing is no longer likely to play a major role here, as the ECB programme has largely been repaid. Non-preferred issues, on the other hand, rose by a further 14% year-on-year to EUR 43bn, a record level. For 2024 as a whole, we now expect senior unsecured benchmark issuance to reach up to EUR 200 bn (2023: EUR 206 bn). This is slightly lower than in our last primary market update in January (EUR 220bn), but still com- paratively high. High maturities remain the main driver. A high volume of covered bonds was issued in the first quarter, totalling around EUR 75bn (Q1 2009: EUR 89bn). This represents almost 47% of our annual forecast of EUR 160bn. One reason for the surprisingly buoyant activity is likely to be the preference of issuers for secured paper following the redemption of bonds from the central banks' liquidity programmes. Primary market momentum is likely to slow in the second quarter, as has been the case regularly in recent years. The following link leads to our detailed Primary market update EUR benchmark bank bonds published on 3 April 2024 Short news 4/4 Good start to the year for green and sustainable finance: The year has started well for green and sustainable finance. In the first quarter of 2024, a total of EUR 283 billion of sustainable finance was issued globally. This is the highest ever first quarter volume. The issuance of such securities is currently domi- nated by countries, with Germany being the largest issuing country. (Börsen-Zeitung) 3/28 Systemic risk buffer for residential real estate lending remains unchanged: BaFin has decided to maintain the level of the sectoral systemic risk buffer for residential real estate lending. It will remain at 2% of risk- weighted assets. EUR benchmark issuance\* Q1 2024: Another strong start to the year EUR billions (fixed and variable rate, covered and senior unsecured issuance volume) \* issuance volume of at least EUR 500 million Sources: Bloomberg, Helaba DCM, Helaba Research & Advisory 0 50 100 150 200 250 300 350 400 0 50 100 150 200 250 300 350 400 2018 2019 2020 2021 2022 2023 2024 Q3 Q1 Q2 Q4 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 2024 5 of 7 \* Closing prices from the previous day Sources: Refinitiv, Helaba Research & Advisory Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 193 2,27% 8,36% iBoxx € Cov. Germany 27,7 -1,1 -2,4 iTraxx Senior Financial 63,7 -0,4 1,4 10Yr-Yield 2,40 0,11 0,07 iBoxx € Cov. Bonds 33,9 -1,3 -3,6 iBoxx € Supranational 32,4 -1,0 -1,4 Swap 10J 2,68 0,10 0,06 iBoxx € Banks PS 70,3 -1,8 -11,5 iBoxx € Agencies 18,7 0,3 0,8 iBoxx € Germany -16,51 0,14 0,22 iBoxx Banks NPS 89,6 -2,7 -13,6 iBoxx € Sub-Sov. Germany 23,8 -1,4 -1,2 iBoxx € EU 39,92 -0,50 -1,44 iBoxx Banks Subordinated 149,2 -3,6 -18,1 iBoxx € Sub-Sovereign 40,4 -1,1 -1,1 Leisure tip for the weekend: Henneberg Museum Veßra Monastery (Thuringia) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: www.thueringen.info/museum-kloster-vessra.html In the southern foothills of the Thuringian Forest, at the confluence of the Schleu and Werra rivers, lies the uniquely preserved medieval complex of the former Premonstratensian Abbey of Vesra. Since 1994, the complex has belonged to the Thuringian Foundation of Palaces and Gardens and is home to the Henneberg Monastery Museum. The museum is dedicated to researching and presenting the history of the former monastery and the Henneberg region, as well as the folklore of this area of southern Thurin- gia.Find out more: Museum Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 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 04/23 06/23 08/23 10/23 12/23 02/24 04/24 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 04/23 06/23 08/23 10/23 12/23 02/24 04/24 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 04/23 06/23 08/23 10/23 12/23 02/24 04/24 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 4 April 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: 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

SSAs: Very quiet trading. Covered bonds: Only 2 primary transactions. Senior Unsecured: Significant upturn in activity on horizon next week. Chart of the week: EUR Benchmark Issues\* Q1 2024: Another strong start to the year.