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Sub-sovereigns

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Taxonomy alignment grows, making EuGB label possible
SSA
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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  • Brussels-Capital Region wants to raise €70m in private placements by April 8 but is receiving more inquiries for longer tenors than it wants to print. French regions could look to take advantage of the excess demand and print longer notes, according to medium term note dealers.
  • SSA
    Strong Asian demand helped the North Rhine-Westphalia increase the size of its first benchmark of the year on Wednesday, despite the issuer pricing the bond at the tight end of guidance.
  • SSA
    Uncertainty over the status of bonds under the rules for the Basel III liquidity coverage ratio is making some SSA issuers nervous and helping to widen the spreads of borrowers on the cusp of falling into the second tier.
  • SSA
    Read on to see how selected benchmarks are faring in secondary. Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.
  • There will be fewer private placements from Spanish regional issuers in the coming weeks, according to medium term note dealers. But the bankers are divided as to whether this is investor or issuer driven.
  • SSA
    Spanish regional issuers will find it hard to print private placements in the coming weeks as their spreads against Bonos compress, according to medium term note dealers.