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Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
◆ 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
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Public sector borrowers could bring deals in euros and dollars next week, said SSA bankers, although supply is likely to be fairly muted with many funding officials descending on London for the annual Euromoney Global Borrowers conference.
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A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.
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There was just a smattering of public sector dollar deals this week — but a wide difference in how they fared.
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KommuneKredit fell short of full subscription with a three year dollar benchmark on Thursday, with few updates provided through the book building process.