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Sub-sovereigns

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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
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German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
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Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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  • SSA
    Small, super rare issuers could tap the private bond markets to fund projects in growing numbers this year, following the lead of Centre Hospitalier de Roubaix’s debut €10m 19 year note.
  • It doesn’t matter whether Germany accepts the European Central Bank’s Outright Monetary Transactions scheme or not. Draghi's plan has done its job and if the ECB ever needs to invent a new capital markets bazooka to point at a troublesome debt crisis it can simply invent a new one.
  • SSA
    Germany could see a spate of deals issued by groups of cities after six banded together this week in a trade that captured investors’ imaginations. But not every banker covering the market sees the potential for the innovative deal to spawn imitators, arguing that the unwieldy structure is unlikely to appeal to any but the most dedicated accounts, writes Nathan Collins.
  • SSA
    Read on to see how benchmarks priced in January are faring in the secondary market. Trading levels given are the 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.
  • SSA
    The launch of a joint bond from six German cities this week is not just another example of fine German engineering, but should be taken as a prime model for local authorities in other countries to follow —not least in the UK.
  • SSA
    Several cities in Land Nordrhein-Westfalen banded together to sell one of the first joint deals from German cities on Thursday. The deal appealed to domestic and international investors and could inspire other cities in the country to access the public debt markets.