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◆ KBN and Quebec among SSA issuers paying no NIP in dollars ◆ Quebec faces 'difficult allocation' after mega demand ◆ CEB also in five year dollars
◆ ‘Very rare’ large book for a German sub-sovereign ◆ ‘New year, new levels’ in price discovery ◆ Tuesday’s focus on dollars, but ‘big’ euro mandates expected Wednesday
German issuer expected to seize 2026's first window for fourth year in a row
‘Exciting’ cross-market relative value opportunity on offer as issuers aspire to become regular euro visitors
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Covered and senior unsecured bonds may not be the flavour of the day for Germany’s financial institutions, but a host of rival funding alternatives, including shrinking balance sheets, shedding bad assets, and shoring up tier one capital, are taking their place. Elliot Wilson reports on an industry that’s self-financing and self-reliant, but one that is exploring new forms of financing.
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The three pillar system of German banking helped the sector ride out the financial crisis and disastrous experiments with securitization mostly unscathed. It’s the envy of Europe and the continent is scrambling to mimic it. So why, asks Andrew Griffin, are bankers in the country growing tired of it?
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Germany’s document-light form of private debt placement, the Schuldschein, has been deeply rooted in the German market for years. The market opened up slowly to Austria and Switzerland — on both the investor and issuer sides. But recently a much more international audience has caught the bug. Stefanie Linhardt asks what attraction the product holds, and why issuance is not growing faster, when demand is so strong.
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Five years on from the depths of the financial crisis, Germany’s Mittelstand has transformed the way it finances itself, embracing the bond markets and changing the way it works with its bank lenders. Nina Flitman reviews the evolution of the sector, and looks ahead to what its next steps may be.
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Despite the improving economic environment in the US and Europe reducing the momentum of the flight to quality supranationals enjoyed during the eurozone sovereign debt crisis, the issuers are still meeting strong demand this year. The recovery brings a fresh set of opportunities — and some challenges — for this sector.
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Norway’s Kommunalbanken is set to print its first euro benchmark bond this week, after mandating a group of banks on Monday for a €1bn no-grow five year deal.