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An public sector issuer breaking a record with a deal this week became so common a claim it began to sound like, well, a broken record. But questions remain about how robust demand really is
Markets ‘not out of the woods yet’ as large sovereigns shorten execution process to de-risk issuance
Huge order book allowed the issuer to increase size of five year dollar trade
Issuer had already pre-funded in dollars earlier this year
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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.
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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.