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Canadian province to maintain market-friendly funding approach and 'meet investors where they want us'
Busy and ‘euro-heavy’ week ahead but dollar pipeline also building with issuers set to bring forward bond plans
◆ First dollar SSA benchmark in two weeks, 'very successful' ◆ 'Pro-investor' pricing approach on show once again ◆ Funding for new fiscal year well underway
Busy Thursday ahead as five euro and dollar benchmarks set to price after a slow March
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The Province of Ontario will price a $2.25bn five year dollar global bond on Thursday afternoon at the mid-swaps plus 25bp level which has been the guidance throughout the process.
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The Province of Ontario has mandated banks for a five year global in the wake of Tuesday’s British Columbia 10 year dollar global — its largest ever in the maturity. The BC deal was priced inside its curve offering further proof of the strong appetite for top rated credits in the dollar market.
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State of North-Rhine Westphalia is in the mood for a potential benchmark later in October after printing a pair of issues totalling €1.5bn this week.
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State of Baden-Württemberg priced a €500m eight year floating rate note on Thursday morning — half the size it had been discussing with banks earlier this week. Push back over pricing meant the issuer decided to go for a smaller trade to get the level it had been targeting and there was no evidence that even that smaller size achieved full subscription.
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The State of Baden-Württemberg is looking to mandate banks for a €1bn floater this week, SSA Markets understands. But the borrower’s hopes of a deal may have been inadvertently scuppered by compatriot agency, KfW.
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The State of Baden-Württemberg is looking to print a euro benchmark this month, SSA Markets understands. A deal would follow a three year floater from Lower Saxony, priced on Monday afternoon.