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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 Thuringia sold five year debt on Friday morning, with sharper than expected investor interest allowing the issuer to increase the size of the deal. The trade rounds out a successful week for German states, including a blowout 10 year benchmark from the State of Saxony-Anhalt.
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The European Financial Stability Facility (EFSF) tapped a three year bond for €1.5bn on Wednesday afternoon. It was joined in euros by the State of Saxony-Anhalt, which priced a heavily oversubscribed 10 year benchmark at a tight price earlier in the day.
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The State of Lower Saxony tapped seven year debt on Monday morning, continuing a steady stream of issuance from German states. The City State of Bremen is also expected to come to market soon with a seven year floater.
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Small issuers felt the love of investors this week as a flurry of long dated issuance in the private markets echoed the bulge of activity in the public sector.
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The largest French regions could consider foreign currency deals as they tackle increased funding needs, euro medium term note bankers said this week.
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The German State of North-Rhine Westphalia has had one of its most successful transactions in recent history on Tuesday with a €1bn seven year bond, which drew demand of over €2.7bn and was priced 3bp inside initial price thoughts.