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State could fund 50% more next year and is ready to act early in January
◆ Longest euro benchmark from a Canadian province ◆ Investor demand for spread over European SSAs ◆ Building a curve and paying a premium
◆ German state's last benchmark this year ◆ Tightest Länder seven year in 2025 ◆ International demand dominates book
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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The State of Hessen sold a five year floater on Monday, targeting demand from German bank treasuries looking for floating rate debt though the trade fell slightly short of full subscription. The European Investment Bank also came to market on Monday, tapping 12 year debt in response to a reverse inquiry.
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This week's funding scorecard covers, from a capital markets perspective, the major German Laender. The funding requirement covers each state's total funding requirement. However, the data on what has been raised so far only covers bond market funding and not Schuldscheine (registered bonds) or any other source of borrowing. Higher than expected tax revenues may well mean that the Laender do not have to reach their full funding requirements this year, say analysts. Estimates of total funding raised by the Laender are that none are below 50% done for the year with the average state having raised between 60%-80% of what it needs already.
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Berlin made a swift return to the bond market on Tuesday, selling six year floating rate debt to German bank treasuries and following up a seven year fixed rate note on Monday. The deal did not reach full subscription however, with investors holding out for higher yielding assets.
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The City State of Berlin sold a tap of seven year debt on Monday. Issuance from the Länder has been muted in recent weeks, owing to a combination of unfavourable market conditions and many investors winding down their bond purchasing for the summer.
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The State of Lower Saxony sold benchmark eight year euro debt on Tuesday, pricing the fixed rate bonds flat to its curve. The deal attracted a surprising amount of investor interest given the tight spread over mid-swaps, according to bankers close to the deal.
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Province of Ontario and KfW brought heavily oversubscribed dollar benchmarks at the short end of the curve on Tuesday afternoon, proving that there is demand for issuers in dollars if they are willing to pay a concession.