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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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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.
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Madrid could become the second Iberian issuer to bring a syndicated bond issue in as many weeks, following the Portuguese sovereign's successful dollar deal earlier this week.