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GGB pricing slides wider

The pricing for government guaranteed debt issuance has continued to worsen and order books are shrinking by the day — while issuers are still planning to raise as much as they can before year end. Anglo Irish had to price its inaugural Eu1.5bn September 2010 at 80bp over mid-swaps, 25bp wider than the first Irish deal. Bank of Scotland paid 30bp for its new three year, twice as much as it paid for its taps two weeks ago. What are the odds on GG pricing stabilising? Read EuroWeek on Friday.

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