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Taxonomy alignment grows, making EuGB label possible
Portugal and KfW lead euro supply with five year as dollar market focuses on second AfDB hybrid
◆ Tightest 10 year Länder bond this year ◆ Big book leads to 4bp spread move ◆ Deal still three times covered, green element was key
◆ One deal was judged ‘relatively tight’... ◆ And the other ‘definitely cheap’... ◆ ... though fair value tough to spot
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The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.
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Periphery eurozone sovereigns shrugged off difficult conditions in parts of European periphery bond markets — caused by concerns over the fortunes of Banco Espírito Santo — at a series of auctions on Thursday, while a Spanish region was able to print a privately placed tap. Tricky conditions for peripheral syndications could create more opportunities in the private market, said MTN dealers.
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The State of Baden-Wuerttemberg was able to print an increased benchmark at the tight end of guidance on Thursday, becoming the second German state to do so this week.
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The European Financial Stability Facility surprised market participants on Tuesday with its choice of maturity for its upcoming benchmark, opting to sell a deal that matures in just one year. While some bankers away from the deal were baffled by the decision, syndicate managers were vigorous in their defence of the issuer’s choice.
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The Community of Aragon made it a second day of success in a row for Spanish regions, with a three year bond that was more than three times oversubscribed and matched the spread compression achieved by a Madrid deal on Monday. Greece could make it a triple whammy for the periphery this week if it comes with a much rumoured three year deal.
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The Community of Madrid printed a new July 2023 bond through its curve and overshot its maximum size target on Monday, as bankers said that the deal could signal a series of trades from its Spanish regional peers.