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◆ State’s pre-summer deal attracts €2bn book ◆ Maybe only one more deal to come on reduced needs ◆ 2bp NIP to start as issuer tries to ‘be fair to the market’
◆ Canadian province tests post-Starmer sterling ◆ Five year choice keeps the buyers ◆ New issue concession estimated
Nine banks chosen to run £1.5bn borrowing programme
◆ Too sensitive to push spread ◆ Value against peers estimated ◆ 'Tight, but no surprise'
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Investor demand at the long end of the euro SSA curve has left bankers puzzled, with interest rates set to rise in 2019 following the end of the European Central Bank's Public Sector Purchase Programme.
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Over the weekend, Harris County in Texas voted in favour of issuing bonds to pay for flood defences, a year after Hurricane Harvey caused terrible damage in the Houston region. It is part of a wider tussle over who bears the risk of catastrophes — and the capital markets are at the forefront of the discussion.
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The Federal State of Berlin’s new 20 year bond on Tuesday was almost three times oversubscribed, as investors took advantage of the hefty pick up over Bunds.
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The drive launched by California treasurer John Chiang to promote a more vigorous municipal green bond market in the state comes as US local governments’ green bond issuance has dipped after early strong growth.
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The Canadian province of Quebec has mandated four banks, including two international firms, to underwrite its first bond in China, a finance official at the provincial government told GlobalRMB.