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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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Agency issuers, having spent the last two months frantically frontloading their funding in the fear that the eurozone sovereign debt crisis could re-erupt at any point, are now in a position of relative comfort and can take a more relaxed approach to funding for the rest of this year.
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Germany, France, the UK, Netherlands and Finland: these are supposedly the invulnerable ones. But with the eurozone crisis slowly abating — despite Italy’s best efforts to keep it going — what does the future hold for these safe havens? Chris Wright finds out if the golden era for core sovereigns has passed.
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The dollar market has been kind to sovereign, supranational and agency issuers of all classes in the first couple of months of 2013, providing a haven from the often volatile euro for European credits and tight asset swap valuations for those in Washington DC. Jo Richards looks at prospects for the SSAs for the rest of the year.
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Peripheral eurozone sovereigns have had a flying start to 2013. But as the poorly received Italian general election and growing public rejection of austerity show, plenty of risks remain — and investors have yet to test the European Central Bank’s claim to do “whatever it takes” to save the currency bloc. Craig McGlashan reports.
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Investors are sharpening their focus on niche currency markets as yields on euro and dollar denominated paper plummet. While Swiss investors face slim pickings on account of a punishing basis swap, investors in Europe and Asia are heading south to pick up high-yielding Kangaroo and Kauri paper. Nathan Collins reports.
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Privately placed euro medium term notes from SSAs are down on last year amid buoyant demand for public deals. But there are still opportunities in an evolving market, as investors and issuers remain flexible, new names launch programmes and traditional euro commercial paper buyers pick up longer dated EMTNs, reports Craig McGlashan.