Berlin doubles up with fixed and floating
The City State of Berlin tapped the euro market twice this week, selling seven year fixed rate notes on Monday before printing a six year floater the following day. While the first deal sold well, the second was hampered by growing risk appetite among German investors.
The borrower opened the week on Monday with a tap of seven year debt. BayernLB, Dekabank and UniCredit priced the €250m tap of Berlin’s 1.5% August 2020 notes at 3bp over mid-swaps, in line with guidance at the 3bp area.
The tap brings the total size of the
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