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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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The State of North-Rhine Westphalia priced the first oversubscribed deal in euros in a week on Tuesday as initial price thoughts offered at a healthy spread to mid-swaps caught investors’ attention. The level of demand enabled the issuer to print a larger deal than targeted at the tight end of guidance.
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City of Mainz made a strong entrance to the bond market on Tuesday, drawing a more than three times oversubscribed book to a five year floater and pricing at the tight end of guidance. The success of the deal could tempt other German cities to follow the issuer with bonds, said bankers.
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State of Baden-Württemberg has around €300m of cash left to raise this year, after collecting €1bn from its first benchmark in nearly five years this week — a trade that reached full subscription but only after a slow book build.
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British Columbia sold its debut dim sum bond on Friday, the largest ever in the format from a non-Chinese SSA. Central banks piled into the deal, keen on a rare opportunity to pick up triple-A paper denominated in renminbi.
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British Columbia is set to price its debut dim sum bond on Friday, the first ever trade in the format from a sovereign or sub-sovereign issuer. Strong demand for the deal is expected to allow the issuer to price it tighter than initial guidance.
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Département des Bouches-du-Rhône is set to become the latest French regional issuer to join the bond market, SSA Markets understands. The borrower plans to launch a debut deal next month.