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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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Latin American development bank Corporación Andina de Fomento (CAF) is an old hand in emerging capital markets, having just completed its 100th bond issue. But with a new clean sweep of double-A ratings, the supranational is challenging itself to find a new investor base. CFO Hugo Sarmiento tells Olly West about its funding plans.
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If any set of borrowers has an access all areas pass to the capital markets party, it is Germany’s public sector credits. The Bund remains Europe’s de facto benchmark security and, along with the agencies that the federal republic also guarantees, is enjoying a period of sustained low yields and tight spreads. None of that looks set to change as the number of triple-A ratings around the globe dwindles. But that is not to say that German public sector funding officials can put their feet up and watch the cash roll in. KfW continues to help develop new markets, such as the offshore renminbi market, while the German Finance Agency has a new head, Tammo Diemer, who is taking over at a time when German finances are at the heart of Europe’s economic health. Diemer and KfW’s Frank Czichowski, along with senior capital markets bankers, joined EuroWeek in mid-March to discuss the German public sector bond markets.
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While the European Central Bank’s willingness to backstop eurozone sovereigns has calmed the common currency crisis, few would claim that it has solved it. Many investors and analysts remain sceptical over the adequacy of measures taken and the depth of commitment behind them, reports Julian Lewis.
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Supranational borrowers cannot ever have had it so good as over the last couple of years. Blessed with credit quality as rock-solid as it gets in the middle of a prolonged flight to quality, this group of borrowers has been able to take advantage of a strong bid not just in core currency markets but also in local currencies as a rush for yield has sent investors scrambling every which way to try and earn a return.
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The landscape of the SSA market has changed immeasurably for dealers since the beginning of the global financial crisis in 2008. When UBS bowed out in 2012 blaming low returns, it signalled both a period of opportunity and of heightened risk for those dealers that remained. Ralph Sinclair reports.
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Euro deals have been flooded with orders this year despite the achingly low yields on offer and a eurozone economy that remains firmly stuck in neutral. Tessa Wilkie reports on what is driving demand.