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State could fund 50% more next year and is ready to act early in January
◆ 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
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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◆ Dual tranche deal pulls in big demand ◆ Limited new issue premium on both bonds ◆ Rentenbank raises €750m
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◆ Third year in a row when issuer priced on first day ◆ Large size, reasonable pricing, ‘encouraging deal’ ◆ Spread over KfW held key to pricing
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Bond market will closely watch debate on the debt brake in an election year
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Markets should not underestimate the risk that fringe parties could cause an upset in next year's German general election
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◆ Tapped line put in less than a month ago ◆ Small new issue concession ◆ 'Decent bid' for Länder paper currently
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◆ Bond almost three times subscribed ◆ Issuer did not pay a concession ◆ Deal priced through Länder peers