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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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Province of Ontario and KfW mandated banks for dollar benchmark on Monday afternoon. If the deals are met with a strong response, they could encourage other issuers to look to sell dollar issues next week.
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The State of Lower Saxony mandated banks for a new eight year benchmark euro deal on Monday, the first benchmark fixed rate bond from a German state since the start of June.
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Quebec sold its first euro denominated bond in more than four years on Wednesday, placing €1bn of 10 year debt. While funding costs for Canadian issuers in euros are not as attractive as when Quebec last tapped the market, the issuer was keen to maintain ties with European investors for diversification purposes.
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The Russian sovereign is a notoriously inflexible and aggressive issuer — but a much sought-after client. It has yet to pull the trigger on its 2013 bond issue but could press ahead soon, betting on further US Treasury rate rises, or hold off, in anticipation of a fall. Francesca Young looks at how the country will deal with the challenge of EM volatility.
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The State of Rhineland-Palatinate and NRW.Bank both sold floating rate debt at the short end of the curve on Monday, with Rhineland-Palatinate opting for a new two year euro bond while NRW.Bank chose to increase its recent three year euro deal.
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Three borrowers are all contenders for summer benchmarks despite the volatility generated in the Portuguese government bond market this week following the resignation of two government ministers. The prospect of continuing supply after a volatile few weeks will come as encouraging news to market participants who in previous years have seen bad news on one peripheral eurozone sovereign shut down the entire SSA market.