Danske Bank has acted as Joint Lead Manager for the Federal Republic of Germany on their 6bn EUR 30-year tap syndication benchmark. 

The deal is only the second time Germany has syndicated a EUR conventional benchmark, following their increased issuance for the benefit of corona support programmes. The issuance reflects Germany’s increased funding needs due to COVID-19.

“It is a fantastic sign of trust to be awarded with this mandate, and we are very proud to support The Federal Republic of Germany during these times that require increased debt financing. This is the first time Danske Bank, or any Nordic bank, has been mandated on a EUR Benchmark from this flagship issuer. Delivering a very notable 11% Nordic distribution underscores our contribution to the deal’s success, and has required great teamwork across the group,” says Luke Roger Oram, Director in Danske Bank Debt Capital Markets, who has led the transaction. 

Read more on the website of Bundesrepublik Deutschland Finanzagentur GmbH here.


Pricing details – Federal Republic of Germany 

  • Federal Republic of Germany, via the Finance Agency, Aaa / AAA / AAA (stab/stab/stab)
  • EUR6bn tap of 30y (15/8/50), Germany’s longest maturity segment, taking the new outstanding to EUR14bn, at DBR 08/48 + 2.5bps / 0.1874%
  • Orderbook of EUR31.5 BN (incl. EUR2.8bn JLM) from over 120 investors and priced at DBR 08/48 + 2.5bps, 2bps tighter than initial guidance and flat to fair value.