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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
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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Bond market will closely watch debate on the debt brake in an election year
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Markets should not underestimate the risk that fringe parties could cause an upset in next year's German general election
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◆ Tapped line put in less than a month ago ◆ Small new issue concession ◆ 'Decent bid' for Länder paper currently
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◆ Bond almost three times subscribed ◆ Issuer did not pay a concession ◆ Deal priced through Länder peers
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◆ Print signals a 'strong start going into 2025' ◆ Fair value hard to pinpoint ◆ Länder peer mandates deal
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◆ Deal confirms 'fair price for Bundesländer' ◆ 6bp pick up over KfW ◆ Things are looking up for January