German Sovereign
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World Bank on Wednesday sold the largest dollar benchmark from an SSA since July, as other issuers lined up deals in the currency.
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The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.
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Germany has wiped €6bn from its 2015 funding target, with the reductions to come at the short end of the maturity curve. -
Germany is set to become the first eurozone sovereign to settle its derivative transactions via central clearing, after announcing plans on Monday to become a direct clearing member of EurexOTC Clear.
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Germany has reduced its issuance target for 2015 by €5bn, with the cuts to come at the short end of the maturity curve.
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A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.
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A trio of SSA issuers are set to pepper the euro curve on Tuesday, despite waves of volatility engulfing the market over the past few weeks.
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Germany showed six years away from syndications had not left it rusty on Tuesday, as it aced a €2.5bn April 2046 that extended its inflation linked curve by 15 years.
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A first syndication from Germany since 2009 could be a reality this week — although syndicate managers on the mandate are still weighing up the health of the euro market.
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The Finanzagentur is set to make its first appearance in syndicated format since 2009 with a 30 year inflation linker that will extend the sovereign’s inflation linked curve.
