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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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Five banks have won the mandate to run investor meetings for Germany’s first joint federal-regional bond — a Bund-Laender-Anheile — with a view to selling a euro benchmark.
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The State of Lower Saxony raised €500m of five year money on Monday afternoon. The issuer plumped for a floating rate issue, which boosted investor demand in a volatile rates environment ahead of this week’s Federal Open Market Committee meeting.
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A small number of issuers remain open to the possibility of new benchmark deals - despite the weak sentiment in markets - as all eyes are focussed on the FOMC meeting next week to assess what levels of Quantitative Easing the Federal Reserve's chairman, Ben Bernanke, is willing to provide. But talk of a market access crisis is premature, said bankers, given SSA borrowers are flush with cash having front-loaded issuance programmes.
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The City of Prague is planning to return to market for its first euro deal in a decade. The deal will appeal to investors looking for rarity and diversity, said senior bankers.
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French local authorities are enjoying ever tightening spreads to government bonds as investors grow accustomed to the credits, medium term note dealers reported on Monday.
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The City State of Berlin braved a choppy market on Monday morning to sell its first 10 year benchmark in two years. Leads were able to price the deal at the tight end of initial price thoughts, offering only a small new issue premium.