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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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The European Central Bank (ECB) on Thursday announced plans to expand its list of eligible instruments for collateral. One effect of the expansion could be an increase in the number of investors that can buy non-euro denominated SSA paper.
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The Spanish regions of Valenica and Murcia have requested a bigger bailout from Spain’s central government than expected. Spain’s problems are only escalating as Moody’s is expected to downgrade the sovereign to junk status which could further push the country’s borrowing costs.
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Catalonia, the Spanish region worth 20% of the country’s economy, asked the central government on Tuesday for financial aid. A bail-out will strain Spain’s coffers further and is likely to deter more investors from wanting to buy its debt, bringing Spain closer to the prospect of an EU bail-out.
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The Province of Manitoba issued on Wednesday its third dollar global deal this year. Lead bankers are expecting to price through initial guidance later in the afternoon with the book well oversubscribed.
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The Province of Alberta sold a 10 year Canadian dollar bond on Thursday, picking a window without competing supply ahead of an expected deluge of SSA and corporate issuance in September.
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The Canton of Neuenburg took advantage of a dearth of primary supply to print its first bond in two years on Wednesday. Demand was such that the issuer priced 2bp inside the initial range of price guidance.