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Germany’s inaugural federal-regional deal BLA-sts off to fanfare

Germany’s first federal-regional bond, a Bund-Länder-Anleihe (BLA), was priced this week inside the Joint Länder curve, testifying to the value of the 13.5% involvement of the Federal Republic which saved the participating states some 3bp or 4bp versus where they might have borrowed money on their own.

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