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◆ Rarity helped the 10 year deal ◆ Spread over KfW estimated ◆ Upside demand as order book grows
Funding director Jason Lewis and portfolio manager Greg Horan reflect on biggest ever Canadian provincial bond
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
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The Federal State of Brandenburg priced an eight year benchmark trade on Tuesday. Demand for the paper was buoyed by deteriorating sentiment on the eurozone’s periphery, leading to a more granular and high quality orderbook than is sometimes seen on trades from Germany länder.
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The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.
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Quebec returned to the Swiss franc market on Tuesday with a 10 year trade. While Quebec was once popular with Swiss investors for offering an enticing spread compared to sub-Libor domestic credits, the issuer has now achieved sub-Libor pricing of its own.
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The Federal State of Hessen has mandated banks for its second syndicated trade of the year, a seven year fixed rate deal expected to launch on Tuesday morning. Leads are expecting to attract enough demand for a benchmark trade, but, with pricing tight for German states, it could be difficult to stir up demand.
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The German Laender (42) priced its first trade of2013 on Thursday, plumping for a 10 year benchmark. The deal hit full subscription despite bankers away from the deal calling the pricing tight. The State of Thuringia is now considering a 10 year trade, according to syndicate official.
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The Autonomous Community of Madrid’s decision to complete all of its 2013 funding in one fell swoop on Wednesday may have left it with a higher than necessary cost of funding, warned bankers on Thursday. With the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.