The relevant information extracted from your images are as follows:
- Pricing date: 22nd September 2023
- Interest accrual date: 2nd October 2023
- Maturity: 2nd October 2030 (implies the bond is 7Y tenor)
- Yield at issue: 4.449 %
- Reoffer spread: 115bps.
This implies the "midswap" was quoted on the pricing call (which occurred on 22nd September 2023 in the afternoon most likely) as 3.299% (4.449 -1.15)
What is "midswap"? It is very likely that it is 7Y Annual vs 6m Euribor swap. Personally, I have never priced a deal versus ESTR MidSwap, and have almost exclusively priced versus 6M Euribor, although it is entirely possible.
Secondly, what is the "forward adjustment"? Since the deal is priced on 22nd September and the bond starts on 2nd October the same 7Y mid-swap is not the same value for each start date. Sometimes (and it usually depends on the type of bond issued) there may be some adjustment for this usually a few tenths of a bp up of down. Although in other cases there is no forward adjustment applied and the time difference is effectively ignored for the bond pricing. This "forward adjustment" does not seem to make it into the meta data of an issued bond.
On these Issuer pricing calls the comparison bond, in this case DBR 15th Aug 2030 is extraneous information. The entire issue is priced from swaps, so all it does is provide extra information to investors who may, or may not, be interested in comparative pricing of this bond relative to a German benchmark. The price of the bond as struck on the pricing call is also not stated in Bloomberg, but it will have been the price that gives a yield-to-maturity for settlement on 22nd Sep 2023 + 1(2?) of 4.449 - 1.776 = 2.673%.
For what it is worth the spread to mid-swap is not a good means of comparing bonds really. Its OK, but better analytical systems will use other metrics. The pricing mechanics that are established here are done for practical, transaction based reasons, not for perfect economical sense:
- Mid-swap is a readily available independent price that can be observed fairly by multiple parties simultaneously to come to terms.
- The forward adjustment, if needed, is not volatile and can be agreed in advance of the pricing call by the lead on the deal.
- Intermediated dated bonds may use linearly interpolated mid-swaps i.e. between 6Y and 7Y, or just use the closest date to match. This distorts accurate economic value when using "spread" as a means for comparison.
- The math that follows the striking of the mid-swap is easy and communicable on the pricing call to create a contractual record of the issue price of the bond.
