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Sub-sovereigns

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State could fund 50% more next year and is ready to act early in January
SSA
◆ 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
SSA
◆ Land NRW and British Columbia eye euros ◆ Rentenbank going for dollars ◆ Too soon to pre-fund?
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  • SSA
    The development bank of the State of Hessen, WIBank, is set to price its debut public trade on Wednesday, having announced initial price thoughts on Tuesday afternoon. The issuer expects to follow this inaugural deal with up to three public syndications in 2013.
  • SSA
    The State of North-Rhine Westphalia attracted strong demand to a five year euro benchmark on Tuesday morning. The book topped €3bn, which allowed the issuer to price a deal €500m larger than the initial minimum target size and at the tight end of guidance.
  • SSA
    State of North-Rhine Westphalia announced it has mandated six banks for a December 2017 euro benchmark on Monday afternoon, while State of Lower Saxony drew higher than expected demand on a seven year tap.
  • SSA
    Instituto de Crédito Oficial and Comunidad de Madrid raised €135m via taps on Thursday as Spanish issuers rounded off a successful week for the troubled sovereign.
  • SSA
    State of Brandenburg became the latest of many German regions to enter the capital markets this week, pricing a €500m floating rate note — albeit at the wide end of guidance — on Wednesday afternoon.
  • SSA
    City State of Hamburg sold a €500m 5.5 year new issue in little over an hour on Monday morning, outstripping dealers’ expectations for the trade.