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Sub-sovereigns

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SSA
◆ New investors after European roadshows ◆ Issuer receives 'a lot of attention' from dealers ◆ Achieving liquidity and competitive pricing in swaps important
State could fund 50% more next year and is ready to act early in January
SSA
◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
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