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Issuer had already pre-funded in dollars earlier this year
◆ German state brings third deal of 2026 ◆ Investors appeared ‘insecure’, extra spread to KfW needed ◆ Minimal NIP paid, size target reached
Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
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A funding official for a southern European sub-sovereign borrower has warned that a victory for an anti-European Union candidate in the upcoming French presidential election could “bring misery to southern Europe as never seen after the Second World War”.
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Political power plays in Turkey and the UK have done little to derail EM bond markets this week, but the pipeline is thinner than before Easter, and limited to Russian borrowers.
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Swiss Prime Site, LGT Bank and the City of Zurich took advantage of a quiet market, placing Swiss franc bonds with domestic investors before Easter holidays.
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Order books were open for all of 10 minutes as the City of Zurich benefited from a scarcity of municipal activity to find Sfr100m ($99.5m) in a 20 year no-grow deal.
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