---
title: "SSAs and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssas-and-financials-weekly-market-update-47
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 15 June 2023 © Helaba | Research & Advisory | 15 June 2023 1 of 7 Research & Advisory Weekly Market Update Primary market environment: Issuing activity was significantly lower this week. The US Federal Reserve kept its key interest rate range at 5.00-5.25% and left the door open for further in- creases. The ECB's key rates were raised by 25 basis points as expected, with the deposit rate now standing at 3.50%. The picture on our Risk Trend Indicator has brightened further recently. The medium-term outlook is broadly posi- tive. Primary market barometer Primary market activity this week was dominated by the Fed and ECB meet- ings. A revival is expected next week. The focus may be on green issues. Covered bond issuers have also taken a breather. This seems appropriate, given that the volume of transactions so far this year is almost 15% higher than last year (at the same time). Nevertheless, issuance should pick up again before the summer break. The primary market activity for senior unsecured bank bonds has also been much quieter this week, impacted by the central bank decisions. We expect issuance activity to pick up next week, as banks are likely to take advantage of open market windows again before the summer break. Covered Bonds Senior Unsecured SSAs Risk trend indicator: Good mood for activities before summer break Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: Refinitiv, Helaba Research & Advisory IB OXX EUR O 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0,02 0,07 0,35 0,42 1,52 -0,73 European Union -0,03 -0,01 0,09 -0,08 1,65 1,73 Germany Covered -0,05 0,01 0,05 0,08 0,97 1,09 EU Covered -0,02 0,01 0,02 0,04 0,84 1,02 Banks senior preferred -0,03 -0,17 -0,11 -0,43 -0,12 1,92 Banks senior bail-in (SNP) -0,04 -0,21 -0,31 -0,46 -0,43 1,70 Banks subordinated -0,02 -0,12 -0,36 -0,58 -0,43 2,04 Supranational -0,04 -0,01 0,05 -0,08 1,47 1,49 Agencies -0,03 -0,01 0,05 0,05 1,04 -0,04 Sub-Sovereigns Germany -0,03 -0,01 -0,02 -0,07 0,52 -0,49 Sub-Sovereigns -0,05 -0,03 -0,02 -0,21 0,92 0,31 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 2 of 7 SSAs The start of the week was relatively quiet in the SSA segment. It was not until Tuesday that the first primary market transaction was announced. The State of Saxony-Anhalt placed a EUR 500m 10-year social bond. Erste Abwicklungsanstalt (EAA) issued a EUR 500m benchmark (WNG) with a 3 year maturity. The spread was ultimately fixed at MS-12 bp vs MS-10 bp in the marketing, and the book was 2.2 times oversub- scribed. It was certainly due, at least in part, to the central bank meetings that took place during the week that the primary market was relatively subdued. However, the approaching summer break may also have played a role. Outlook: The state of Hesse is preparing a green benchmark and investor calls are already underway. Bpifrance is also seeking a 10-year issue, also in a green format. Investor meetings are already being held. The state of Baden- Württemberg is also in the starting blocks with a green bond. Covered Bonds The primary market remained quiet at the start of the week. On Tuesday, UniCredit Bank Czech Re- public and Slovakia a.s. kicked things off. The EUR 500 million covered (WNG) 5-year green issue at- tracted good investor interest and was ultimately 1.8 times oversubscribed. The final spread was tightened by 8bps to MS+77 compared to the marketing. Prior to the issue, it was announced that the issuer had joined the Covered Bond Label. (See also Chart of the week). On Wednesday, Belgium's Argenta Spaarbank followed with a benchmark, also with a 5-year maturity and a volume of EUR 500m (WNG). Outlook: The overall low level of issuance activity in the Covered Bond segment this week should certainly benefit the market as a whole, after oversubscription rates have recently fallen significantly and issuers have seen little tightening in reoffer spreads. Nevertheless, issuers are likely to return to the primary market more frequently from next week's trading in the wake of central bank meetings and the upcoming summer break. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 2,950% Sachsen-Anhalt Aa1 /AA/AAA 0,500bn 20.06.2033 ms +0 bps  13.06.2023 2,900bn ms + 3 area 3,125% EAA Aa1 /AA/AAA 0,500bn 22.06.2026 ms -12 bps 13.06.2023 1,100bn ms - 10 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 12 June 2023 "There is latent pressure on swap spreads in the face of an obvious supply overhang. Nevertheless, the ad- justment in the cash register is rather gradual and there are no signs of a hectic distortion. Secondary spreads have widened by an average of 2-3 bps on a weekly basis, also due to persistently high NIPs in pri- mary transactions. Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 3 of 7 Chart of the Week This week, UniCredit Bank Czech Republic and Slovakia, a.s. joined the Covered Bond Label, which now comprises a total of 127 issuers and 170 cover pools in 24 countries. Landsbankinn hf, Erste Group Bank AG Austria, National Australia Bank Ltd. and Belfius Bank have already taken this step this year. The Covered Bond Label is a seal of quality that stands for common qualita- tive and quantitative standards and a higher degree of transpar- ency and comparability in the covered bond market. A key feature - in addition to statutory minimum standards - is the obligation of members to report uniformly in the Harmonised Transparency Template (HTT), which is valued by investors and analysts. Senior Unsecured In the course of the week so far, only three transactions were observed in the EUR benchmark format for senior unsecured bank bonds; in this segment, too, the market calmed down after the very active last few weeks. While ABN AMRO Bank placed a senior-preferred bond, Bayerische Landesbank and Danske Bank entered the primary market with non-preferred paper. All three transactions were solidly executed, albeit at re- spectable new issue premiums. However, the focus of market participants this week was on equity instruments issued (AT1 & Tier 2), with AT1 bonds being publicly issued on the market for the first time since the takeover of Credit Suisse by UBS. The new bonds of BBVA, ABN AMRO Bank and Abanca offered good conditions and were happily received by investors. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,750% UniCredit Bank Czech Republic and Slovakia, a.s. Aa2 /-/- 0,500bn 20.06.2028 ms +77 bps  13.06.2023 1,000bn ms + 85 area 3,375% Argenta Spaarbank NV - /AAA/- 0,500bn 22.06.2028 ms +28 bps 14.06.2023 0,850bn ms + 30 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 12 June 2023 “The preferred segment trades on average 2 bps tighter despite various new issues. Periphery banks are the outperformers with significant tightenings; Italy -10 bps and Spain -5 bps. There was more movement in the non-preferred segment, and positive market sentiment led to compression between non-prefs and prefs. The average spread narrowing was 8 bps. Again, the periphery performed very well with 7-11 bps of tightening. Recent new issues show strong performance, e.g. BPCE 2034 non-pref tightened 20 bps and OP 2028 pref - 12 bps. The market is absorbing the wave of new material well so far.” Comment from the Helaba trading floor Covered Bond Label: Unicredit Bank Czech/Slovakia new member Market Share in % Sources: CoveredBondLabel.com, Helaba Research & Advisory Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 4 of 7 Outlook: High maturities and strict bail-in capital requirements are driving primary market activity in senior unse- cured bank bonds. We assume that issuers will start to make more use of the market again from the coming trad- ing week - after processing the latest central bank meetings - not least against the backdrop of the approaching summer break. Short news 6/14 TLTRO maturity in June: The European Central Bank will soon test the resilience of the banking sector when credit institutions must repay about half a trillion euros in cheap pandemic-era central bank liquidity, Bloomberg reports. Italian banks are among those in the spotlight. 6/13 Sustainable finance package: The sustainable finance package published by the European Commission shows how the EU sustainable finance agenda can support companies and the financial sector by encouraging pri- vate funding of transition projects and technologies and facilitating financial flows to sustainable investments. Specifically, the Commission is today adding additional activities to the EU Taxonomy and proposing new rules for Environmental, Social and Governance (ESG) rating providers, which will increase transparency on the market for sustainable investments. 6/13 ECB urges banks in Russia to leave quickly: Eurozone banks in Russia should leave quickly, the bloc's top supervisor said, making a rare explicit call on lenders to wind down operations more than a year after Russia's in- vasion of Ukraine. "It is important that banks remain very focused on reducing further their exposures and, ideally, exiting the market as soon as they can," Andrea Enria, the European Central Bank (ECB)'s chief supervisor, told a conference attended by Reuters. 6/12 EBA Annual Report highlights key achievements in 2022: The European Banking Authority (EBA) pub- lished its Annual Report that sets out the activities and achievements in 2022 and provides an overview of the key priorities for 2023. 6/12 EBA updates list of other systemically important institutions: The European Banking Authority (EBA) updated today the list of other systemically important institutions (O-SIIs) in the EU, which, together with global systemically important institutions (G-SIIs), are identified as systemically important by the relevant authorities according to harmonised criteria laid down in the EBA Guidelines. 6/9 Sustainability Reporting/ CSRD ESRS: The EU Commission has put the Delegated Regulation on the first set of European Sustainability Reporting Standards (ESRS) out for consultation. Comments can be submitted until July 7, 2023. The ESRS are reporting standards for companies subject to the Corporate Sustainability Reporting Directive (CSRD). In contrast to the CSRD, which must be transposed into national law, the ESRS become binding upon their publication. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,875% ABN AMRO Bank NV A /A1/A+ 1,000bn 21.12.2026 ms +65 bps 13.06.2023 1,500bn ms + 85 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 12 June 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,250% Bayerische Landesbank A2 /-/A- 0,500bn 21.06.2027 ms +105 bps  14.06.2023 0,870bn ms + 120 area 4,750% Danske Bank A/S 0,000% 1,000bn 21.06.2030 ms +170 bps 14.06.2023 2,000bn ms + 195 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 12 June 2023 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 5 of 7 \* 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 154 1,20% 2,70% iBoxx € Cov. Germany 7,3 -0,8 -0,4 iTraxx Senior Financial 89,4 1,9 -10,9 10Yr-Yield 2,45 0,0 0,1 iBoxx € Cov. Bonds 20,8 -0,6 -0,3 iBoxx € Supranational 17,9 -0,75 0,27 Swap 10J 3,04 0,0 0,0 iBoxx € Banks PS 82,3 -4,2 -3,3 iBoxx € Agencies -0,6 -0,68 0,31 iBoxx € Germany -45,54 0,7 5,7 iBoxx Banks NPS 114,5 -6,1 -10,7 iBoxx € Sub-Sov. Germany 9,1 -0,64 -0,62 iBoxx € EU 23,96 -0,8 0,7 iBoxx Banks Subordinated 195,0 -5,2 -17,7 iBoxx € Sub-Sovereign 25,1 -0,84 -0,48 Leisure tip for the weekend: Barefoot Path and Circular Trail Aatal in Bad Wünnenberg (NRW) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://www. nrw-tourismus.de/a-naturerlebnis-aatal-mit-dem-barfusspfad-und-rundweg The paddling pond in the Aatal Nature Experience in Bad Wünnenberg of- fers a wide range of activities and is the ideal place for a great day out with the whole family. The 600-metre circular walk around the paddling pond in the Aatal Nature Experience is a leisurely, short walk with plenty of oppor- tunities to stop and rest. More information: Barefoot Path and Circular Trail Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 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: 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 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 Apr.23 Jun.23 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: 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 24 -4 -2 0 2 4 6 8 10 12 14 16 18 20 22 24 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 Apr.23 Jun.23 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: 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 Jun. 22 Aug. 22 Okt. 22 Dez. 22 Feb. 23 Apr. 23 Jun. 23 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 15 June 2023 7 of 7 News from Research & Advisory  Video: Sustainable Finance – ICMA & Helaba Talk 2023  Focus on Credits: Primary market update EUR benchmark bank bonds Q1 2023"  Focus on Credits: EUR Corporate bonds: Primary market Q1 2023  Focus on Credits: Social and sustainability bonds: ICMA Principles - the freestyle element makes all the difference  European banks: An optimistic outlook for 2023  Focus 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  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 Team of authors 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: Relatively little primary market activity. Covered bonds: Latent pressure on swap spreads prevails. Senior unsecured: Equity instruments in the spotlight. Chart of the week: Covered bond label: Unicredit Bank Czech/Slovakia New Member