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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
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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Dealers are forecasting a drought of privately placed deals during the remainder of 2012 after well funded SSA issuers recorded their quietest quarter since the first quarter of 2009.
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Swedish municipalities are becoming an increasingly attractive proposition for international investors as moves in basis swap levels mean they can offer eye catching pricing in euros and dollars, in addition to a non-Eurozone safe haven status.
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The Canton of Geneva sold a Sfr500m ($534.3m) note on Wednesday in a triple tranche domestic deal which was oversubscribed and increased. The issuer was able to take advantage of a clear window for issuance — with no competing supply — to attract institutional demand with long dated tenors.
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The Province of Ontario is set to price a $1.25bn seven year global bond this afternoon at 44bp over mid-swaps, 1bp inside initial guidance.
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Norway’s Kommunalbanken (KBN) sold a $1.25bn five year note on Wednesday, having started out with a $1bn no grow trade. The issuer faced overwhelming demand from investors and said the deal has re-priced its dollar curve. That spurred two more borrowers into mandating deals.
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Tight swap spreads ticked even tighter on Friday, a day after the Federal Reserve unveiled QE3. The swap will make it hard for sub-Libor issuers to offer an attractive spread over Treasuries.