Lower Saxony raises €500m from 8yr sale

By Nathan Collins
18 Jul 2013

The State of Lower Saxony sold benchmark eight year euro debt on Tuesday, pricing the fixed rate bonds flat to its curve. The deal attracted a surprising amount of investor interest given the tight spread over mid-swaps, said bankers close to the deal.

Lead managers DekaBank, HSH Nordbank, Nord LB and WGZ Bank priced the €500m 1.625% July 2021 paper at 3bp over mid-swaps, at the tight end of guidance at the 4bp area. 

Demand for the paper was strong, with the leads receiving more than €300m of orders in the first ...

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