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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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City State of Hamburg sold a €500m 5.5 year new issue in little over an hour on Monday morning, outstripping dealers’ expectations for the trade.
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Instituto de Crédito Oficial (Ico) tapped its five year debt on Wednesday, seeing larger participation from international accounts than has been the case with its recent issuance.
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The German Laender took advantage of a dearth of euro supply on Friday to tap an October 2019 bond for €500m. Demand was such that the issuer could increase the deal’s size from the initial target despite pricing through its curve.
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The State of North-Rhine Westphalia was able to increase a four year floating rate note on Monday at the tight end of price guidance as strong international investor interest built an order book nearly double the targeted size.
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The State of Berlin raised €500m in two hours on Wednesday morning with a fully sold April 2018 floater that was priced flat to the issuer’s curve.
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Comunidad de Madrid will focus on privately placed deals during the rest of the year after having its fingers burned during an attempted syndicated tap on Tuesday, dealers close to the aborted deal have told SSA Markets.