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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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Euros proved the currency of choice for SSA borrowers on Monday with two new issues, two taps and a mandate in the market across a range of maturities. -
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The European Stability Mechanism looks set to issue its longest euro bond to date after sending out a request for proposals on Wednesday, as the European Union mandated for a long dated tap. Meanwhile, a German state hits the spot for investors.
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Confidence that the market has found the clearing level for euro benchmarks from all public sector borrowers in the world of eurozone quantitative easing is premature. A pulled deal by the Province of Ontario shows the need for price discovery.
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A European sub-sovereign is set to bring its shortest dated benchmark in 18 months after mandating banks on Tuesday for a four year deal.
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Low yields may have resulted in the first SSA fatality of the year after the Province of Ontario was forced to pull a 10 year euro benchmark on Monday. But some bankers suggested the issuer was simply unlucky.
