---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-24
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 11 January 2024 © Helaba | Research & Advisory | 11 January 2024 1 of 8 Research & Advisory Weekly Market Update Primary market environment: Issuers are wasting no time in making the most of a receptive market environment. The year will be dominated by elections and geopolitical tensions are likely to continue. Sentiment has however brightened recently following last week's worse-than- expected inflation data from France and Germany. Market conditions remain volatile. Investors demand attractive spread premiums, but then they act. Primary market barometer The primary market is extremely ac- tive in the SSA segment. The volume achieved in the first two weeks of this year exceeded the already very strong previous year by a further 13%. Heavyweights such as the EIB, CADES and AFD contributed to this, the EU and some German Länder were also active. A large number of covered bond transactions have also been success- fully placed. Longer maturities in par- ticular are once again popular with investors. Following the general wid- ening of spreads in recent months, supply and demand are again well balanced. Issuers in the senior unsecured seg- ment are also wasting no time in meeting their extensive funding needs this year due to high maturi- ties. This Friday marks the start of the reporting season for US banks, with the associated blackout periods providing an additional incentive to tap the capital markets ahead of time. Covered Bonds Senior Unsecured SSAs Risk trend indicator (heat map): Investors remain cautious Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: LSEG, Helaba Research & Advisory IB OXX EUR O 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0.09 0.12 0.17 0.67 1.08 1.44 European Union 0.05 0.06 0.11 0.45 0.94 2.94 Germany Covered 0.13 0.20 0.28 0.93 2.28 3.17 EU Covered 0.10 0.12 0.14 0.57 1.61 3.07 Banks senior preferred 0.00 0.15 0.17 0.09 0.32 2.16 Banks senior bail-in (SNP) -0.02 0.07 0.19 -0.08 -0.22 1.81 Banks subordinated -0.03 0.24 0.07 -0.54 -0.26 1.86 Supranational 0.06 0.09 0.10 0.52 1.07 2.86 Agencies 0.10 0.09 0.08 0.64 1.21 2.18 Sub-Sovereigns Germany 0.05 0.03 0.05 0.45 0.53 0.29 Sub-Sovereigns 0.05 0.05 0.06 0.58 0.82 1.61 strong middle weak unchanged weak middle strong spread widening\* spread tightening\* Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 2 of 8 SSAs The SSA primary market is currently extremely robust. A total of EUR 33.7bn of SSA bonds have been issued since the beginning of the week, with 15 transactions and order books full to bursting, reach- ing a volume of more than EUR 130bn. At EUR 44bn, year-to-date issuance is up a further 13% on the strong first two weeks of last year and 4.8 times higher than the first two weeks of 2021. As previously announced, heavyweights such as EIB, CADES and AFD issued in large volumes. EIB and CADES alone raised EUR 10bn on Tuesday, while the EFSF issued EUR 7bn on Monday. The dominant role of these institu- tions is reflected in the high oversubscription rates as investors seek to secure allocations. The EU also raised around EUR 4.6bn in an auction on Monday. German states are also among the issuers: The State of Hesse successfully placed a EUR 1.5bn 10-year issue at a spread of MS +15bp, representing a new issue premium of just 1bp. North Rhine-Westphalia followed with a EUR 1bn 49-year issue. Baden-Württemberg issued a EUR 600m 3.5 year floater. Outlook: The primary market environment remains constructive and issuance in the SSA segment is expected to remain buoyant. The next EU issue is scheduled for the week of 22 January.. Covered Bonds As expected, the primary market for covered bonds is extremely lively in the second week of Janu- ary. The shift towards longer maturities from the previous week has been confirmed in recent days. Transactons are easily possible in the range between 3 and 10 years, with medium maturities of around 5 years being particularly successful. With attractive new issue premiums, more difficult transactions were also well re- ceived by the market this week. Among others, Mediobanca issued the first Obbligazioni Bancarie Garantite (OBG) in 2024, a bond with a volume of EUR 750 million and a 4-year term that was successfully placed at MS + 65 bp. BPCE followed up last week's sen- ior non-preferred dual tranche directly with another dual tranche and issued two Obligations de Financement de l'Habitat. The EUR 1bn 3-year tranche was issued at MS + 25 bp (NIP 1 bp) and the EUR 1.5bn 7-year tranche at MS + 47 bp (NIP 7 bp). Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.125% EU Aaa /AA+/AAA 2.263bn  05.12.2028 Auction 08.01.2024 2.432bn Auction 3.250% EU Aaa /AA+/AAA 2.336bn  04.07.2034 Auction 08.01.2024 2.510bn Auction 2.750% Hessen - /AA+/- 1.500bn 10.01.2034 ms +15 bps 08.01.2024 1.750bn ms + 15 area 2.724% EFSF AAA /AA/AA- 5.000bn 16.07.2029 ms +11 bps 08.01.2004 23.800bn ms + 13 area 3.375% EFSF AAA /AA/AA- 2.000bn 30.08.2038 ms +28 bps 23.08.2023 8.400bn ms + 30 area 2.750% EIB Aaa /AAA/AAA 6.000bn 16.01.2034 ms +18 bps  09.01.2024 42.500bn ms + 20 area 3.400% NRW Aa1 /AA/AAA 1.000bn  07.03.2073 ms +101 bps 09.01.2024 3.200bn ms + 103 area 2.750% CADES Aa2 /AA/- 4.000bn 25.02.2029 ms +29 bps  09.01.2024 20.000bn FRTR +31 area 3.000% Agence France de Developppement - /AA/AA- 2.000bn 17.01.2034 FRTR +42 Bp 10.01.2024 4.500bn FRTR +44 area 2.750% Municipality Finance Plc Aa1 /AA+/- 1.000bn 02.02.2034 ms +24 bps 10.01.2024 2.100bn ms +26 area 2.625% Export Development Canada Aaa /AAA/- 2.250bn 18.01.2029 ms +11 bps 10.01.2024 4.250bn ms +12 area 3.200% International Development Association Aaa /AAA/ 1.750bn 18.01.2044 ms +61 bps  10.01.2024 1.800bn ms +62 area 2.875% SFIL Aa2 /AA-/AA 1.250bn 22.01.2031 FRTR +43 Bp 11.01.2024 1.500bn FRTR +45 area 3.125% Agence France Locale Aa3 /AA-/- 0.750bn 20.03.2034 FRTR +49 11.01.2024 1.000bn FRTR +50 area 6m€+0 Bp Baden-Württemberg Aaa /AA+/- 0.600bn 22.07.2027 ms -8 bps 11.01.2024 not disclosed 6m€ -8 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 8 January 2024 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 3 of 8 SaarLB issued the first 10-year Pfandbrief in benchmark format in 2024. The public sector Pfandbrief with a vol- ume of EUR 500 million and a term of 10 years was very well received by the market at a level of MS +46 bp (final book EUR 1.1 billion at reoffer). The flurry of issuance by Austrian issuers in the covered bond segment continues unabated this week. After Erste Bank and UniCredit Bank Austria opened the market for Austrian issuers last week, two cooperative institutions followed suit this week - RLB Vorarlberg and RLB Tirol from the neighbouring federal state. Both issues were well received by investors. Oberbank, based in Upper Austria, already held the record for the longest domestic covered bond issue of the year last calendar year (OBERBK 3 ¼ 08/23/30 - AT0000A32S78 ). After a 7.5-year issue last year, it went one better yesterday and issued an 8-year sub-benchmark mortgage Pfandbrief. Outlook: Full issuance schedules and favourable market conditions suggest that the strong issuance activity will continue in the coming days. After the widening of spreads in recent months, which in our view was mainly driven by excess supply following the end of the ECB's asset purchase programmes, supply and demand now seem to have found a good balance. Maturities over 5 years are attracting particularly strong investor interest. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.250% Mediobanca SpA - /-/AA 0.750bn 30.11.2028 ms +65 bps 08.01.2024 1.300bn ms + 70 area 2.875% Bayerische Landesbank Aaa /-/- 0.750bn 15.07.2030 ms +29 bps 08.01.2024 1.590bn ms + 34 area 2.875% BPCE SFH Aaa /AAA/- 1.000bn 15.01.2027 ms +25 bps 08.01.2024 2.000bn ms + 30 area 3.000% BPCE SFH Aaa /AAA/- 1.500bn 15.01.2031 ms +47 bps 08.01.2024 2.750bn ms + 52 area 3.250% Deutsche Pfandbriefbank AG Aa1 /-/- 0.500bn 15.01.2027 ms +58 bps 09.01.2024 1.200bn ms + 60 area 3.125% RLB Vorarlberg Aaa /-/- 0.300bn 17.01.2028 ms +51 bps 09.01.2024 0.730bn ms + 56 area 2.875% Bausparkasse Schwäbisch Hall Aaa /-/- 0.500bn 16.01.2029 ms +33 bps  09.01.2024 1.800bn ms + 37 area 3.125% RLB Tirol Aaa /-/- 0.500bn 17.01.2029 ms +56 bps 10.01.2024 0.750bn ms +60 area 3.000% LB Saar - /-/AAA 0.500bn 17.01.2034 ms +46 bps 10.01.2024 1.150bn ms +52 area 3.500% Credit Agricole Italia Aa3 /-/- 0.500bn 15.07.2033 ms +90 bps  10.01.2024 3.500bn ms +105/110 Bp 3.000% OP Mortgage Bank Aaa /-/- 1.000bn 17.07.2031 ms +42 bps 10.01.2024 2.450bn ms +50 area 3.125% Oberbank - /AAA/- 0.250bn 19.01.2032 ms +60 bps 11.01.2024 0.250bn ms +67 area 3.000% Sparkasse Pforzheim Calw - /-/AAA 0.500bn 22.01.2031 ms +45 bps 11.01.2024 0.610bn ms +45 area 3.250% Credito Emiliano SpA Aa3 /-/AA 0.500bn 18.04.2029 ms +67 bps  11.01.2024 1.700bn ms +75 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 8 January 2024 " Current new issue premiums of 8-15bp are certainly a drag on secondary market valuations. It hardly helps that almost all primary market transactions so far this year have seen decent bookbuilds, followed by a slight tightening. This is currently not enough to halt the widening trend that began last year. In particular, the aforementioned vintage bonds with coupons that are no longer marketable are still lagging behind. The re- pricing along individual issuer curves is therefore continuing. However, it is also true that overall trading ap- pears to be quite orderly, with no major distortions. All in all, the market is adjusting to the new spread real- ity." Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 4 of 8 Senior Unsecured There has also been a flurry of senior unsecured bank bond issuance. After the start of the year last week was dominated by top issuers, this week all sizes are represented. Noteworthy are the long ma- turities in some cases, e.g. 10 years in the BBVA and BFCM deals, both of which were 3.5 times oversubscribed. Česká spořitelna's order book was 4.1 times oversubscribed for a EUR 0.5 bn non-preferred bond. However, it of- fered a high spread premium for this, although it narrowed this considerably during the bookbuilding process. It was in good company in terms of tightening during the transaction; most of this week's issues saw relatively high spread tightening during the order book phase. The new 7-year non-preferred bond (7NC6), printed at MS + 210, closed 16bp tighter in the secondary market. Outlook: After a record year in 2023 with a primary market volume of around EUR 206bn in senior unsecured bonds, no slowdown is expected in 2024. In particular, long maturities and declining customer deposits will en- sure high refinancing needs for issuers. Due to seasonal factors, a large part of this will be placed in the first few weeks. In addition, the reporting season, and therefore the blackout period, is about to start again. The first US banks report tomorrow. We therefore expect primary market activity in this segment to continue over the next few days. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3.875% BBVA A3 /A/A- 1.000bn 15.01.2034 ms +135 bps 08.01.2024 3.500bn ms + 160 area 3.750% BFCM Aa3 /A+/AA- 1.000bn 03.02.2034 ms +125 bps 08.01.2024 3.500bn ms+155/160 3.212% Assicurazioni Generali S.p.A. Baa1 /-/A 0.500bn 15.01.2029 ms +65 bps  08.01.2004 0.575bn ms + 80 area 3.547% Assicurazioni Generali S.p.A. Baa1 /-/A 0.750bn 15.01.2034 ms +95 bps  08.01.2004 0.800bn ms + 110 area 3m€+65 Deutsche Bank AG A3 /BBB+/BBB+ 1.000bn 15.01.2026 ms +65 bps 08.01.2004 2.400bn 3m€+95 area 3.750% Deutsche Bank AG A3 /BBB+/BBB+ 1.000bn 15.01.2030 ms +125 bps 08.01.2004 1.900bn ms + 165 area 3.750% Santander Consumer Bank AS A3 /-/A 1.000bn 17.01.2029 ms +120 bps 09.01.2024 2.100bn ms + 150 area 3m€+60 ABN AMRO Bank NV A /A1/A+ 1.250bn 15.01.2027 ms +60 bps 09.01.2024 3.100bn 3m€+95 area 3.750% Länsförsäkringar Bank AB (publ) A1 /A/- 0.500bn 17.01.2029 ms +125 bps 10.01.2024 0.900bn ms +145/150 Bp 3m€+50 Bp Societe Generale SA A1 /A/A 2.000bn 19.01.2026 ms +50 bps 11.01.2024 3.000bn 3m€ +75 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 8 January 2024 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4.824% Česká spořitelna, a.s. - /A-/A 0.500bn 15.01.2030 ms +225 bps 08.01.2024 2.050bn ms + 275 area 3.875% ABN AMRO Bank NV Baa1 /BBB/A 1.000bn 15.01.2032 ms +140 bps 09.01.2024 3.800bn ms + 175 area 3m€+55 Bp CCDJ A1 /A-/AA- 1.000bn 17.01.2026 ms +55 bps 10.01.2024 2.450bn 3m€+80 area 4.875% Banco BPM Baa3 /BB+/BB+ 0.750bn 01.07.2030 ms +235 bps  10.01.2024 3.000bn ms +270 area 4.625% Commerzbank AG Baa2 /BBB-/- 0.750bn 17.01.2031 ms +210 bps 10.01.2024 8.250bn ms +240 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 8 January 2024 „The new year has already got off to a flying start with a wave of new issues. Equity markets are trading nerv- ously below their highs, while interest rates are very volatile and the rate cuts priced in by market partici- pants are uncertain given the current data situation. The iTraxx indices went into reverse at the beginning of the year before gaining 5bp in the last two trading days. The cash register is also nervous about new issues and has widened significantly. The main drivers were the market weakness at the beginning of the year and the large amount of new issuance, which put pressure on outstanding bonds.” Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 5 of 8 Chart of the Week According to our survey, the primary market for senior unsecured EUR benchmark bank bonds reached a rec- ord volume of around EUR 206bn in 2023 as a whole. The main drivers were high maturities and increasing competition for client deposits in a rising interest rate environment. We expect issuance to increase again to around EUR 220 bn in 2024. A further increase in maturities is likely to remain the main driver. In addition, customer deposits will decline as higher interest rates make in- vestment alternatives more attractive. At the same time, regulatory requirements will continue to drive senior non-preferred issuance. In the case of fixed-to- floating bonds, maturities in 2025 are also likely to be relevant, as the bonds can be called before they lose their eligibility for the regulatory minimum capital ratio MREL one year before maturity. The liquidity provided by the ECB is decreasing, but the high level of TLTRO refinancing from 2023 will not be repeated, especially as we be- lieve that the programme has been used mainly for the attractive conditions rather than to refinance core busi- ness activities. The more restrained lending should have a slightly offsetting effect on primary market activity. In the volatile market environment, which remains crisis-ridden, getting the timing right remains a challenge; open market windows will be actively used, even at higher spread levels. (see our Primary Market Update from 11 Janu- ary 2023) Short news 1/10 Fitch Updates Covered Bonds Refinancing Spread Level Assumptions: Fitch Ratings has re- published its „Covered Bonds Refinancing Spread Level Assumptions - Supplementary Data File“ with updated spread assumptions for Greek and Slovakian cover assets, following the rating actions on the two sovereign ratings in December 2023.Fitch upgraded Greece's Long-Term Foreign-Currency (LT FC) Issuer Default Rating (IDR) to 'BBB-' from 'BB+' on 01 December 2023, and upgraded Slovakia's LT FC IDR to 'A-' from 'A' on 08 December 2023. This supplementary data file replaces the previous one dated 9 October 2023. Good to know: Maturity mismatches arising between cover pool cash flows and covered bond payments are a key feature of covered bond programmes. Asset sales are expected to be a source of liquidity to bridge any potential gaps arising from this. In order to determine a stressed asset sales price, Fitch discounts asset cash flows with an interest rate equal to its stressed interest rate increased by the refinancing spread level (RSL). The objective of this is to cover the liquidity risk of the assets to be sold and a profit margin demanded by potential buyers. 1/9 Korean Shinhan Bank plans covered bond debut: Shinhan Bank plans to issue a EUR benchmark covered bond for the first time. The paper is in green format. This makes the bank the fourth covered bond issuer from the country. (Bloomberg) 1/9 The EBA finds Italian waiver for covered bonds justified: The Bank of Italy had notified EBA of its decision to introduce a partial waiver of Article 129 (1)(c) of the Capital Requirements Regulation (CRR), which specifies that covered bonds eligible for risk weight preferential treatment can be collateralised by exposures to credit institutions (up to a certain amount) that qualify for credit quality step 1 and 2 (i.e. carry ratings from AAA to A-). This requirement may be partly waived by a Competent Authority, after consulting the EBA, if significant potential concentration problems in the Member States concerned can be documented. The partial waiver allows for exposures to institutions that qualify for credit quality step 3 (are rated BBB+ to BBB-) in the form of Sr. Unsecured issues continue record run Primary market volume\*, bn. EUR bn. EUR \*Senior Unsecured bankd bonds in EUR benchmark format Sources: Bloomberg, Helaba DCM, Helaba Research & Advisory 134 169 128 157 187 206 220 0 40 80 120 160 200 240 0 40 80 120 160 200 240 2018 2019 2020 2021 2022 2023 2024p Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 6 of 8 derivatives to be included in the cover assets. The EBA is of the opinion that Italy has a significant potential concentration prob- lem stemming from the application of the CQS1-CQS2 requirement and, therefore, the partial waiver is adequately justified. . (EBA press rlease) 1/8 Rules to boost cybersecurity of the EU institutions enter into force: The new Cybersecurity Regulation lay- ing down measures for a high common level of cybersecurity within the EU entered into force. As announced by the European Commission, it lays down measures for the establishment of an internal cybersecurity risk man- agement, governance, and control framework for each Union entity. Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 171 1.17% 2.62% iBoxx € Cov. Germany 23.9 1.7 2.6 iTraxx Senior Financial 68.6 -5.6 -4.4 10Yr-Yield 2.21 0.20 0.04 iBoxx € Cov. Bonds 35.1 1.5 1.8 iBoxx € Supranational 28.0 0.9 1.5 Swap 10J 2.66 0.22 0.01 iBoxx € Banks PS 90.3 1.1 4.3 iBoxx € Agencies 12.9 0.8 1.1 iBoxx € Germany -29.91 2.01 3.41 iBoxx Banks NPS 116.9 -3.8 5.8 iBoxx € Sub-Sov. Germany 20.0 0.7 0.9 iBoxx € EU 34.60 0.65 1.99 iBoxx Banks Subordinated 182.3 6.1 3.5 iBoxx € Sub-Sovereign 36.0 0.3 0.9 Leisure tip for the weekend: “Bonn on ice in Bonn” (NRW) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://www.bonnonice.de Strap on your skates and hit the ice: the skating rink in Bonn's Stadtgarten offers fun for the whole family until 14 January. If you haven't had enough fun on the indoor ice rink, try an exciting game of curling. There will be skating lessons for beginners and plenty of mulled wine and other treats. Skates can be hired. Sun. 10-21, Fri.-Sat. 10-22 h Find out more: Bonn on Ice Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 7 of 8 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 01/23 03/23 05/23 07/23 09/23 11/23 01/24 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 0 5 10 15 20 25 30 35 01/23 03/23 05/23 07/23 09/23 11/23 01/24 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 -10 0 10 20 30 40 -10 0 10 20 30 40 01/23 03/23 05/23 07/23 09/23 11/23 01/24 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 11 January 2024 8 of 8 News from Research & Advisory  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  FOCUS on Credit: ESG ratings: Relevance, regulation and responses  Video: Sustainable Finance – ICMA & Helaba Talk 2023  Focus on Credit: Social and sustainability bonds: ICMA Principles - the freestyle ele- ment makes all the difference Please feel free to contact us Publisher and editorial office Helaba Research & Advisory Editor: Sabrina Miehs, CESGA 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: Primary market already at peak. Covered Bonds: Supply and demand in balance as spreads have widened. Senior unsecured: Issuers wasting no time ahead of upcoming quarterly reporting season. Chart of the week: Unsecured issuance continues record run.