---
title: "SSA and Financials: Weekly Market Update"
url: https://www.helaba.com/en/ssa-and-financials-weekly-market-update-5
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 13 April 2023 © Helaba | Research & Advisory | 13 April 2023 1 of 8 Research & Advisory Weekly Market Update Primary market environment: Overall, the primary markets are performing well. The senior unse- cured segment is also continuing to pick up. For the ECB (Holzmann), inflation argues for a sharp hike in May and for the Fed (Barkin), there is still more to do to bring down core inflation. Like the mood on the market as a whole, the picture of our risk trend indicator has also brightened. At least in the short term, the lights are literally green. Primary market barometer The SSA primary market remains in good shape. Nevertheless, the num- ber of transactions is limited. This is not due to the market environment, but rather to the lack of financing needs. Usually the days on the covered pri- mary market around Easter are very quiet. This year the picture is com- pletely the opposite. Many issuers are taking advantage of the opportu- nities for lively activity. For senior unsecured bonds, the pick- up in primary market activity contin- ued this week, as we had expected. In particular, well-established issuers with high credit ratings again took ad- vantage of the opportunity before the start of the reporting season. We ex- pect a similar picture for next week. Covered Bonds Senior Unsecured SSAs Risk trend indicator: Sentiment brightens up Relative\* ASW spread change \* ASW levels standardized and 2T-smoothed Sources: Refinitiv, Helaba Research & Advisory IBOXX EURO 1 day 1 week 4 week 13 weeks 52 weeks 104 weeks Germany 0,06 0,07 0,30 -0,46 1,17 -0,91 European Union -0,10 -0,13 -0,41 -0,44 2,15 2,48 Germany Covered -0,11 -0,14 -0,20 -0,14 0,76 1,08 EU Covered -0,04 -0,05 -0,06 -0,04 0,72 0,92 Banks senior preferred 0,00 0,13 -0,18 0,19 1,80 1,88 Banks senior bail-in (SNP) 0,01 0,15 -0,37 0,13 1,55 1,87 Banks subordinated -0,04 0,12 -0,01 0,52 1,56 2,15 Supranational -0,11 -0,15 -0,35 -0,37 1,91 2,06 Agencies -0,03 -0,04 -0,07 -0,48 0,85 0,03 Sub-Sovereigns Germany -0,08 -0,12 -0,12 -0,38 0,13 -0,30 Sub-Sovereigns -0,11 -0,15 -0,25 -0,47 1,00 0,74 strong middle weak unchanged weak middle strong spread widening spread tightening Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 2 of 8 SSAs As a safe haven asset, the SSA segment - especially supras and agencies - remains in demand. The Dutch BNG Bank placed a seven-year benchmark with a volume of EUR 1.5 billion on Wednesday. This was already the third issue this year, bringing the total volume to EUR 4.5 billion. NWB Bank (Nederlandse Waterschapsbank) successfully placed a 10-year "Water Bond" with a volume of EUR 1.5 billion. The book was 2.5 times oversubscribed and the final spread was fixed at MS+11, 2 bps tighter than in the marketing. Despite an overall favourable market environment, only 2 primary market transactions were executed this week. This is un- derpinning our assumption that issuers have little reason to be active at the moment. Outlook: In the coming week, the overall intact SSA primary market could pick up again somewhat, as some pro- jects are in the pipeline. The EFSF, for example, has already sent out Request for Proposals (RfPs). The EU should also take the stage a week later. Covered Bonds After a short Easter break, the Canadian Federation des Caisses Desjardins du Quebec (CCDJ) was the first issuer to become active on the primary market. The covered bond with a 5-year maturity was oversubscribed by around 1.7 times at a volume of EUR 750 million and the final spread was narrowed by 3 bps compared to the marketing to MS+37. Issuance activity picked up on Wednesday. With OMA Savings Bank (Tap, EUR 250m) Hypo NOE, BayernLB, LBP Home Loan SFH and Banco Santander Totta, five issuers took the stage. The latter placement was the first covered from Portugal since November 2019 and the issuer's first deal since Sep- tember 2017. Overall, it can be said that the benchmark transactions from core Europe in particular had a decent bookbuilding, although LBP stood out once again. The bookbuilding of Banco Santander Totta, on the other hand, was somewhat slower. This is probably due to the very short marketing phase. After maturities of up to 5 years dominated re- cently, issuers such as Commerzbank and BayernLB (both 6 years) are increasingly venturing into maturities be- yond that. The issues were successful. Outlook: Provided there are no significant changes in the market environment, primary market activities will con- tinue. The South Korean KEB Hana Bank is on a roadshow for a 3-5 year social bond. In addition, further issuers from Canada should be in the starting blocks. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,000% BNG Aaa /AAA/AAA 1,500bn 23.04.2030 ms +6 bps 12.04.2023 4,000bn ms + 8 area 3,000% Nederlandse Watershapsbank Aaa /AAA/- 1,500bn 20.04.2033 ms +11 bps 13.04.2023 3,800bn ms + 13 area Sources: Bloomberg, Helaba DCM € SSAs issues week of 10 April 2023 "As expected, the start of the shortened trading week was characterised by very thin turnover. Spreads were stable and trended sideways. Nothing changed in the big picture. Primarily, the Canadian Federation Caisse Desjardins provided the only new price point for this jurisdiction. Bookbuilding was very decent given a new issue premium of 5-6 bps, and in the aftermath the bond was able to tighten approx. 2 bps. (midmarket)"h” Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 3 of 8 Chart of the week The spread difference between German Pfandbriefe and Italian covered bonds (OBGs) widened significantly in the middle of last year and has since been moving sideways at an elevated level with a slight upward trend. The last time Italian issuers ap- peared on the primary market was in June 2022. With the adoption of the final, CBD-com- pliant regulations of the Italian Covered Bond Act on 31 March 2023, the legal framework and thus the basis for new issues was created. In this respect, we expect the first transactions in the middle of the second quarter, after a lead time of 30 days for existing programmes. The increased primary market activities to be expected then should have a slight impact on the existing trend in spread development, despite good demand for crisis-proof securities. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,250% Fédération des Caisses Desjardins du Québec Aaa /-/AAA 0,750bn 18.04.2028 ms +37 bps 11.04.2023 1,300bn ms + 40 area 0,010% Oma Saastopankki Oyj - /AAA/- 0,250bn 25.11.2027 ms +36 bps 12.04.2023 1,100bn ms + 42 area 3,250% HYPO NOE Aa1 /-/- 0,500bn 19.04.2028 ms +26 bps 12.04.2023 0,860bn ms + 30 area 3,000% Bayerische Landesbank Aaa /-/- 0,500bn 22.05.2029 ms +4 bps 12.04.2023 1,100bn ms + 7 area 3,375% Banco Santander Totta, S.A. Aa2 /-/AA- 0,750bn 19.04.2028 ms +43 bps 12.04.2023 0,950bn ms + 45 area 3,125% La Banque Postale Home Loan SFH - /AAA/- 1,000bn 19.02.2029 ms +22 bps 12.04.2023 1,850bn ms + 26 area 3,125% Commerzbank AG Aaa /-/- 1,250bn 20.04.2029 ms +10 bps 13.04.2023 2,200bn ms + 13 area 3,125% OP Mortgage Bank Aaa /-/- 1,000bn 20.10.2028 ms +16 bps 13.04.2023 1,200bn ms + 18 area 3,375% RLB Niederösterreich-Wien AG Aaa /-/- 0,500bn 24.07.2028 ms +33 bps 13.04.2023 0,665bn ms + 33 area Sources: Bloomberg, Helaba DCM € Covered Bond issues week of 10 April 2023 Spread difference between Pfandbriefe and Italian covereds:Slight tendency to widen continues ASW in Bps. \* Sources: Refinitiv, Helaba DCM, Helaba Research & Advisory 0 5 10 15 20 25 30 35 40 0 5 10 15 20 25 30 35 40 Apr21 Jul21 Okt21 Jan22 Apr22 Jul22 Okt22 Jan23 Apr23 Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 4 of 8 Senior Unsecured For senior unsecured bank bonds, the pickup in primary market activity continued this week, as we expected. The calming of the market environment is continuing and providing support. In particular, well-established issuers with high credit ratings took the opportunity again before the start of the reporting sea- son and are prepared to offer higher spread levels in the process. Yesterday, KBC Group was able to generate orders of EUR 2.7 billion for a EUR benchmark bond with a fixed cou- pon in the volume of EUR 1.0 billion. The transaction was quite ambitious: The non-preferred paper has a 7-year maturity. Today, ABN AMRO Bank followed with a dual tranche consisting of a 2-year preferred bond and a 5.5-year non-pre- ferred bond as well as Crédit Agricole with an 8-year preferred bond. The transactions also showed encouragingly high oversubscription rates, and the issue premiums were noticeably reduced compared with the first indications. Outlook: In view of high maturities and strict regulatory requirements for total bail-in capital, issuance plans for this year are still far from being executed. We expect further activity next week; some issuers are likely to use the opportunity once again before the reporting season in Europe gets going from the week after next. Until then, leading US investment banks will present their quarterly reports and thus provide a good indication. The focus is likely to be on, among other things, a review of the recent banking turbulence, the question of particularly inter- est-dependent business areas, and problem loan ratios. Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 3,750% ABN AM RO Bank NV A /A1/A+ 1,500bn 20.04.2025 ms +35 bps 13.04.2023 3,600bn ms + 65 area 3,875% Credit Agricole SA Aa3 /A+/AA- 1,500bn 20.04.2031 ms +95 bps 13.04.2023 3,000bn ms + 120 area Sources: Bloomberg, Helaba DCM € Senior Preferred issues week of 10 April 2023 Coupon Issuer Rating (M/S&P/F) Volume € Tap Maturity Launch-Spread vs. Mid-Swaps ESG Launch Orderbook 1st Spread- Indication 4,375% KBC Group N.V. Baa1 /A-/A 1,000bn 19.04.2030 ms +138 bps 12.04.2023 2,700bn ms + 165 area 4,375% ABN AM RO Bank NV Baa1 /BBB/A 1,250bn 20.10.2028 ms +135 bps 13.04.2023 2,600bn ms + 160 area Sources: Bloomberg, Helaba DCM € Senior Non-preferred issues week of 10 April 2023 „The Easter days have led to a classic quiet holiday trading with little turnover. Only the strong U.S. labor market data on Good Friday have given new impetus to the market after weak ISM Index and ADP Report on the days before and let the yields rise significantly. The iTraxx indices had initially widened a bit to now trade tighter compared to the previous week. Cash is trading 5 bps tighter in preferreds and 10 bps in non-pre- ferreds on the week with little investor activity and below average turnover. Thus, last week's recovery rally continued. US banks are the underperformers." Comment from the Helaba trading floor Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 5 of 8 Short news 4/12 EU to speed up how regulators tackle failing banks: EU plans will seek to speed up the han- dling of failing banks to ensure they are not bailed out by taxpayers but "bailed in" using their own resources, EU documents seen by Reuters showed. The draft would include a requirement for EU authorities, in- cluding the ECB, to give an early warning if there was a risk of a bank failure. 4/12Amendments to extend and simplify sustainability disclosures: The three European Supervisory Author- ities (ESAs) have published a Consultation Paper with amendments to the Delegated Regulation of the Sustaina- ble Finance Disclosure Regulation (SFDR). The ESAs are proposing changes to the disclosure framework to address issues that have emerged since the introduction of SFDR. 4/11 EU banks well positioned to weather market volatility: Banks’ share prices and credit spreads have partially recovered since the volatility that followed the confidence crisis surrounding Credit Suisse and Silicon Valley Bank, Barbara Pianese from The Banker writes. Most of the EU banks have sound fundamentals to absorb pressure from monetary tightening and mitigate potential deposit volatility. (The Banker) 4/11 Credit quality: Credit insurer Allianz Trade expects more corporate insolvencies this year as a result of the recent bank turmoil. For Germany, Allianz Trade expects an increase of 22 % compared with the previous year, to around 17,800 cases in the current year. (Handelsblatt) 4/10 Germany seeks to limit Brussels’ scope on national debt reduction plans: Germany wants stricter debt re- duction rules for high-debt countries and tighter restraints on the European Commission’s scope to agree fiscal plans with EU capitals, as the bloc prepares for a sweeping overhaul of the union’s budget rules. According to the Financial Times, Berlin demanded that debt-to-gross domestic product ratios of heavily indebted countries should fall by 1 percentage point a year and for countries with less onerous debts, the minimum requirement could be a 0.5 percentage point a year. Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 6 of 8 \* 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 149 2,41% 4,27% iBoxx € Cov. Germany 5,8 -1,7 -0,7 iTraxx Senior Financial 97,6 -9,4 -33,8 10Yr-Yield 2,4 0,2 0,2 iBoxx € Cov. Bonds 19,3 -1,7 -0,4 iBoxx € Supranational 15,6 -2,55 -3,59 Swap 10J 3,0 0,2 0,1 iBoxx € Banks PS 84,0 0,1 -6,6 iBoxx € Agencies -2,3 -1,15 1,38 iBoxx € Germany -50,9 0,9 12,0 iBoxx Banks NPS 122,8 1,4 -16,7 iBoxx € Sub-Sov. Germany 8,6 -2,95 -2,15 iBoxx € EU 20,4 -2,6 -4,8 iBoxx Banks Subordinated 206,8 -3,8 -5,5 iBoxx € Sub-Sovereign 24,3 -2,86 -2,96 Leisure tip for the weekend: Crystal Cave in Kubach Do you have ideas for leisure tips? We would be happy to receive your suggestions at research@helaba.de. Source: https://kubacherkristallhoehle.de The Kubach Crystal Cave is the only calcite crystal cave in Germany. The 350-million-year-old limestone is covered with countless crystals and pearl dropstones. The cave system, which was formed during the Ice Age, was first entered by humans in 1974 and has been open to the public as a show cave since 1981. With a ceiling height of 30 metres in the so-called South Hall, it is the highest show cave in Germany. The deepest accessible point is about 70 metres below the earth's surface and forms the end of the more than 300-metre-long guided tour. A tour of the cave takes about 45 minutes and leads up 456 steps. Further information: Crystal Cave in Kubach Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 7 of 8 Chartbook SSAs, Covered Bonds, Senior Unsecured Senior 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 Apr.22 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 Apr.23 Banks Subordinated Banks Senior Bail-in Banks Senior Preferred Covered 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 Apr.22 Jun.22 Aug.22 Okt.22 Dez.22 Feb.23 Apr.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 Apr. 22 Jun. 22 Aug. 22 Okt. 22 Dez. 22 Feb. 23 Apr. 23 Sub-Sovereigns Agencies Supranationals Sub-Sovereigns Germany Focus on: SSAs & Financials – Weekly Market Update © Helaba | Research & Advisory | 13 April 2023 8 of 8 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: European banks: Déjà vu in a crisis environment?  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: It’s the Supranationals and Agencies’ turn. Covered Bonds: Days after Easter by no means calm. Senior Unsecured: Very well-established names are dominating the scene. Chart of the week: Spread difference between Pfandbriefe and Italian covereds: Still tendency to widen