German issuers follow KfW into sub-swaps territory
FMS Wertmanagement on Friday defied any expectations that low yields would put investors off in the five year part of the euro curve, selling an oversubscribed €1.5bn long five year that carries a coupon of just 12.5bp. Meanwhile another German state has hired banks for a 10 year benchmark, adding to an expected slew of euro supply next week.
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