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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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Federal State of Saxony-Anhalt has printed its highest annual volume of privately placed medium term notes since 2008, as investors increasingly favour the format over Schuldscheine, said dealers.
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The Province of Ontario made a return to the 10 year dollar funding after a two year hiatus on Friday, printing a $1bn note at the maturity point where demand for bonds can be at its most fickle. -
The State of Berlin provided some rare primary activity from a European borrower on Tuesday with a €500m seven year bond, as extreme volatility around peripheral European sovereigns kept most other issuers away.
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City of Paris has broken the record for the longest-dated private placement from a French local authority or region, with a €50m 20 year note sold through HSBC on Monday.
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The anti-euro theme continued on Thursday with yet another Canadian borrower - this time the Province of Alberta - becoming the latest issuer to take advantage of the wealth of demand for pristine credits far removed from the European sovereign crisis. And Alberta is about as pristine as you can get being rated triple-A by both Moody’s and Standard & Poor’s. It is also incredibly rare. Alberta has not issued in international markets since 2000 and this is its first 144a transaction.
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State of North-Rhine Westphalia (NRW) sold a tap of its 1.75% May 2019s on Tuesday, the latest German issuer to appeal to domestic demand. Investors' responses, however, were weaker than expected.
