North-Rhine Westphalia
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Erik Kolski at Land NRW's Ministry of Finance discusses its largest sustainable bond since 2020 -
This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ High portion of international investors ◆ New issue premium paid ◆ Spread to KfW tighter
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EFSF and Land NRW are expected to price new trades on Tuesday
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Inaugural European Green Bond Standard deal in the works as issuer remains committed to at least one green bond each year with or without new label
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Public sector issuance is expected to resume at pace this week
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◆ State development bank brings year’s first euro deal ◆ Long-end levels attract yield buyers ◆ ‘Encouraging’ signal for duration demand
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◆ Rentenbank last sold a 10 year in 2023 ◆ IBB's book gains momentum after spread set ◆ NRW.Bank returns to sterling after 2.5 years
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Andreas Becker, head of treasury and pension fund for Land NRW, discusses borrowing strategy
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◆ Reverse interest helped by secondary demand ◆ Concession paid ◆ 15 year leg more challenging
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◆ Issuer's first benchmark after after active start of year in PPs ◆ Deal attracts big book despite large tightening ◆ Only KfW priced with lower spread to USTs this year
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Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve
