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Sub-sovereigns

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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
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German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
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Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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  • 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.
  • SSA
    Instituto de Crédito Oficial (Ico) tapped its five year debt on Wednesday, seeing larger participation from international accounts than has been the case with its recent issuance.
  • SSA
    The German Laender took advantage of a dearth of euro supply on Friday to tap an October 2019 bond for €500m. Demand was such that the issuer could increase the deal’s size from the initial target despite pricing through its curve.