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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 German state of Hessen priced a 10 year benchmark on Monday to open its annual funding task.
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Auckland Council, the public authority that administers the most populous region in New Zealand, which sold its first Swiss franc bond on Monday, has been looking at opportunities for foreign currency issuance in response to a saturated domestic investor base and also to up its long-dated funding.
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Auckland Council, the entity governing New Zealand’s most populous region, made its debut in Swiss francs on Monday with an 11 year trade. The deal is Auckland’s first trade in a currency other than New Zealand dollars or Australian dollars. Meanwhile, MuniFin tapped a 10 year.
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The State of Mecklenburg-Western Pomerania came to market with its first benchmark syndicated trade, a 10 year bond, on Monday morning. The deal absorbed investor interest stirred up by the State of Lower Saxony’s seven year deal last week.
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Lower Saxony was the first of the German states to come to market this year, pricing a seven year trade on Thursday. The leads will price the deal on Thursday afternoon, following a bookbuild impaired by a lack of interest from domestic investors.
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How 2013 will pan out in the capital markets is too tough to call. At the end of last year there were plenty of doom merchants predicting all sorts of disasters. There was justification for it and some things did go badly — especially at UBS. But plenty went right from the bumper first quarter, to many more blowout deals than dogs and with most issuers able to wrap up early for the year.