Land NRW does size as investors prepare for ECB rate cut

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By Burhan Khadbai
23 Jul 2019

The State of North Rhine Westphalia was flooded with demand for its 30 year euro benchmark on Tuesday as investors braced for the European Central Bank's meeting on Thursday, in which it is expected to lay the groundwork for a rate cut in September.

Following the mandate announcement on Monday, leads Barclays, Deutsche Bank, LBBW and UniCredit opened the books on NRW's July 2049 euro benchmark on Tuesday morning with guidance of mid-swaps plus 18bp area.

As the books reached over €1.8bn, the spread was set at plus ...

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