---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update
type: dd_research
language: en
updated: 2026-09-28
keywords: Renten, Weekly Market Update_englisch
---

# SSA and Financials: Weekly Market Update

Focus on: SSAs & Financials 2 June 2023 © Helaba | Research & Advisory | 2 June 2023 1 of 7 Research & Advisory Weekly Market Update Primary market environment: In the US, the threat of default has been averted. At the same time, price pressure is easing in Germany, Spain, France and Italy. These factors, as well as the fact that inflation and interest rate concerns have been further suppressed and expectations of interest rate hikes have been subdued, are supporting the primary market environment. The recent negative factors - such as the US debt ceiling debate - and profit-taking following the large number of new issues are reflected in our red-coloured secondary market risk trend indicator. However, a longer-term trend has not yet been established. Primary market barometer While the weather barometer (at least in Germany) has been yellow like the sun this week, the issuance barometer for SSAs has been and re- mains clearly in the green. For the next (short) week, however, we ex- pect less primary market activity. In the covered bond segment, the momentum was in favour of 10-year paper. The generous new issue pre- miums certainly helped. This gives hope to imitators even in prospect of the coming short week. The primary market for senior unse- cured bank bonds was extremely ac- tive this week. Issuers will continue to take advantage of friendly market win- dows ahead of the summer break and the next quarterly reporting season. Covered Bonds Senior Unsecured SSAs Risk trend indicator: New issuances lead to some spread compression 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 -0,04 -0,10 0,14 -0,72 0,75 -1,28 European Union 0,08 0,06 -0,07 -0,12 2,12 1,84 Germany Covered 0,04 -0,05 -0,12 -0,08 0,90 0,96 EU Covered 0,02 -0,02 -0,06 0,02 0,82 0,94 Banks senior preferred 0,10 0,12 -0,04 0,49 0,76 1,90 Banks senior bail-in (SNP) 0,06 0,03 -0,11 0,41 0,69 1,79 Banks subordinated 0,03 -0,06 -0,30 0,51 0,46 2,09 Supranational 0,06 0,04 -0,09 -0,10 2,08 1,51 Agencies 0,03 -0,09 -0,08 -0,50 0,96 -0,19 Sub-Sovereigns Germany 0,01 0,01 -0,09 -0,02 0,61 -0,43 Sub-Sovereigns 0,03 0,04 -0,10 -0,17 1,22 0,38 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 2 June 2023 2 of 7 SSAs The SSA segment was abuzz with issuance activity this week. Interest in the North Rhine-Westphalia bond reached dizzying heights. Falling inflation rates in the eurozone, the resolution of the US debt crisis and the rebalancing at the end of the month are likely to have been among the drivers. Hence, the order book for the EUR 2bn 10-year sustainability bond was over EUR 13bn, with the spread tightening by 3bp to MS+3bp. The sustainability component attracted a large number of ESG investors: According to market reports, this investor group took two-thirds of the allocation. The ten-year issue adds to the issuer's sustainability bond curve. Outlook: After this eventful week, activity is likely to be lower, especially as the week is shortened again in Ger- many and Austria due to public holidays. Nevertheless, we expect investor demand to remain strong. Covered Bonds The performance of Crédit Agricole, Rabobank and Crédit Mutuel Arkéa in 10-year covered bonds is proof that there is confirmed hope for a pick-up in longer-dated bonds in the covered bond segment this week. As in the case of SSAs, attractive new issue premiums and the "ESG touch" are supporting order book dynamics. Last but not least, the aforementioned subdued expectations for interest rate hikes are boosting inves- tor behaviour. Firstly, Crédit Agricole Home Loan SFH posted an impressive result. The EUR 1.25bn transaction generated a final order book of over EUR 2.7bn, with over 100 investors participating. The final spread of MS+33bp represents a new issue premium of 5bp. The issues by Arkéa Home Loan SFH and Rabobank were also well received by investors. The issuers were able to tighten their spreads by 4 basis points compared to the first spread announcement, while offering investors at- tractive new issue premiums. Although there were only three issuers on the primary covered bond market this week, the total volume of EUR 3 billion is quite respectable and brings the year-to-date issuance to around EUR 125 billion. Outlook: Following the encouraging issuance results, more issuers are likely to follow. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,500% Export-Import Bank of Korea Aa2 /AA/AA- 0,850bn 07.06.2026 ms +29 bps 30.05.2023 1,650bn ms + 37 area 3,625% Export-Import Bank of Korea Aa2 /AA/AA- 0,500bn 07.06.2030 ms +72 bps  30.05.2023 0,920bn ms + 77 area 3,125% Inter-American Investment Corporation Aa1 /AA+/AAA 0,500bn 07.06.2030 ms +21 bps 31.05.2023 1,000bn ms + 23 area 2,900% NRW Aa1 /AA/AAA 2,000bn 07.06.2033 ms +3 bps  31.05.2023 13,000bn ms + 6 area 2,950% Investitions- und Strukturbank Rheinland-Pfalz - /-/- 0,250bn 12.06.2030 ms +2 bps 01.06.2023 not disclosed ms + 2 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 29 May 2023 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 2 June 2023 3 of 7 Senior Unsecured The primary market for senior unsecured bank bonds had an extremely busy week, despite the pub- lic holiday on Monday. A total of nine preferred and four non-preferred transactions in EUR bench- mark format were observed. There was a rich diversity of issuers, regions, maturities and structures (social, green, floater, sub-Bmk etc.). In addition to established permanent issuers, rarer issuers from the periphery were also available for selection. The maturities offered range from two to eight years. Particularly in preferred transactions, some issuers also ventured onto the market with smaller volumes. The total issue volume in the course of this week amounted to a respectable EUR 9.6 billion, with order books mostly well filled. On the basis of attractive new issue spreads, investors were able to realize pleasing spread tightening in the aftermath. Outlook: The issuance pipeline remains well filled in view of high maturities and strict bail-in requirements. The friendly market window is being actively used by issuers, especially as the summer vacations start - with the Scan- dinavian countries - at the end of June. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,250% Credit Agricole Home Loan SFH Aaa /AAA/AAA 1,250bn 08.06.2033 ms +33 bps  30.05.2023 2,700bn ms + 37 area 3,250% Arkéa Home Loans SFH Aaa /AAA/AAA 1,000bn 01.08.2033 ms +33 bps  31.05.2023 1,250bn ms + 37 area 3,106% Rabobank Aaa /-/- 0,750bn 07.06.2033 ms +18 bps 31.05.2023 1,400bn ms + 22 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 29 May 2023 “The stock markets have recently retreated somewhat from their highs. The iTraxx indices were volatile, but are currently at cyclical lows. Cash traded a bit wider during the week as investors' focus remains on new is- sues and their attractive NIPs of 10-20 bps. Secondary spreads are widening as a result. The performance of recent new issues has been split, ranging from 1 bp tightening (yesterday's BFCM dual tranche) to 3-5 bps widening in issuances earlier this week. Negative sentiment due to the protracted US debt ceiling debate and some weak economic data weighed on the market. In addition, market participants are aware that the pri- mary pipeline is very full before the summer and bonds need to be absorbed.” Comment from the Helaba trading floor "The tentative scanning of longer maturities that has been going on for weeks at least allows the vague conclusion that some investors are afraid of missing the yield trend. However, it remains to be seen whether this will trigger a secondary dynamic. All in all, turnover across all maturities is rather subdued and one cannot say that there is no secondary material in the shop window. Moreover, the market is still in the "ECB wind-down phase"! Due to the continued high issuance activity, I consider the investment de- mand sufficiently satisfied - it stands in the way of an ongoing performance!". Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 2 June 2023 4 of 7 Short news 5/26 2022 ECB Annual Report: The 2022 Annual Report by the European Central Bank is available. Vice-President Luis de Guindos presented the report to the European Parliament while also discuss- ing the current economic outlook and the importance of a resilient financial system. 5/26 Spanish banks with optimistic outlook: Spanish banks are bullish on their 2023 lending income after a strong Q1 according to S&P Global Market Intelligence. Spain's largest banks are confident of earning more in- come from domestic lending in 2023 than originally expected following a strong first-quarter performance, S&P Global Market Intelligence writes. \* 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 4,125% Société Générale A1 /A/A 1,250bn 02.06.2027 ms +95 bps 30.05.2023 1,750bn ms + 120/125 area 5,000% Banco de Sabadell SA - /BB+/BBB- 0,750bn 07.06.2029 ms +200 bps  30.05.2023 1,800bn ms + 230 area 4,636% M itsubishi UFJ Financial Group A1 /A-/A- 0,500bn 07.06.2031 ms +160 bps 30.05.2023 3,500bn ms + 195 area 7,750% Luminor Bank AS Baa1 /-/- 0,300bn 08.06.2027 ms +450 bps 31.05.2023 0,350bn 7,75% area 3m€ +50 Bp Nationwide Building Society A1 /A+/A+ 0,500bn 07.06.2025 ms +50 bps 31.05.2023 1,000bn 3m€ +65 area 5,625% Ibercaja Banco, S.A. Baa3 /-/BBB- 0,500bn 07.06.2027 ms +245 bps 31.05.2023 0,725bn ms + 260 area 3,875% BFCM Aa3 /A+/AA- 0,500bn 14.02.2028 ms +95 bps 01.06.2023 0,950bn ms + 115 area 4,125% BFCM Aa3 /A+/AA- 1,250bn 14.06.2033 ms +125 bps 01.06.2023 1,500bn ms + 150 area 3m€ +50 Bp Canadian Imperial Bank of Commerce A2 /A-/- 0,500bn 09.06.2025 ms +50 bps 01.06.2023 0,500bn 3m€ +50 Bp Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 29 May 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,500% KBC Group N.V. Baa1 /A-/A 1,250bn 06.06.2026 ms +95 bps 30.05.2023 1,750bn ms + 115 area 4,375% KBC Group N.V. Baa1 /A-/A 0,750bn 06.12.2031 ms +145 bps 30.05.2023 1,500bn ms + 165 area 3m€+45 Bp Bank of M ontreal A2 /A-/AA- 1,000bn 06.06.2025 ms +45 bps 30.05.2023 1,400bn 3m€ +60 area 4,156% Zürcher Kantonalbank Aa2 /-/- 0,500bn 08.06.2029 ms +115 bps 01.06.2023 0,785bn ms + 125/130 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 29 May 2023 Market Data (current\*, vs. 1 week, vs. 4 weeks) E-STOXX 600 Banks 147 -1,26% 2,06% iBoxx € Cov. Germany 7,1 -0,2 -1,3 iTraxx Senior Financial 90,1 -4,9 -16,8 10Yr-Yield 2,3 -0,2 0,1 iBoxx € Cov. Bonds 20,7 -0,1 -1,5 iBoxx € Supranational 18,9 0,99 -1,08 Swap 10J 2,9 -0,3 0,0 iBoxx € Banks PS 85,5 5,7 -2,4 iBoxx € Agencies -1,7 -0,10 -1,08 iBoxx € Germany -51,4 -1,2 2,0 iBoxx Banks NPS 122,0 2,8 -6,9 iBoxx € Sub-Sov. Germany 10,0 0,39 -1,86 iBoxx € EU 25,0 1,5 -0,7 iBoxx Banks Subordinated 202,9 -0,5 -18,9 iBoxx € Sub-Sovereign 26,2 0,84 -1,66 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 2 June 2023 5 of 7 Leisure tip for the weekend: Barefoot path in Moers-Repelen (near Duisburg) Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: Der Pfad (barfusspfad-moers-repelen.de) "Barefoot through nature" - enjoying the elements of nature with all your senses - is what the "loam pastor" Emanuel Felke practised and recom- mended to his spa guests more than 100 years ago. The barefoot path in the Jungbornpark in Moers-Repelen consists of two parts. On the one hand, there is a meadow and woodland path of more than 1 kilometre through the park, which links the sites of the former health resorts. This path is open to the public and has several stations where you can balance and feel different surfaces. On the other hand, there is an "intensive area" where you can walk on water and clay and feel many different materials. Further information: Barefoot path in Moers-Repelen Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 2 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 | 2 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 Authors Team FI & SSA Research 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/

SSA: NRW bond meets overwhelming demand. Covered Bonds: 10-year bonds are back. Senior Unsecured: Very active primary market.