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◆ No book update for €500m no-grow deal ◆ Surprising lack of demand for defensive trade ◆ Investors continue to cherry pick in big week for supply
◆ Spread to Land Hessen key to pricing ◆ Leads thought long and hard on whether to tighten ◆ 1bp move the right amount as book grew
◆ Three German states brought a new Joint Länder bond ◆ No book update, KfW curve guides pricing ◆ Flemish Community prints new 15 year
Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
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The Federal State of Brandenburg priced an eight year benchmark trade on Tuesday. Demand for the paper was buoyed by deteriorating sentiment on the eurozone’s periphery, leading to a more granular and high quality orderbook than is sometimes seen on trades from Germany länder.
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The Province of Ontario has mandated three banks to run the syndication of a 2.5 year dollar floating rate note. Meanwhile, Norway’s Kommunalbanken and Sweden’s Kommuninvest priced dollar floaters on Wednesday afternoon.
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Quebec returned to the Swiss franc market on Tuesday with a 10 year trade. While Quebec was once popular with Swiss investors for offering an enticing spread compared to sub-Libor domestic credits, the issuer has now achieved sub-Libor pricing of its own.
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The Federal State of Hessen has mandated banks for its second syndicated trade of the year, a seven year fixed rate deal expected to launch on Tuesday morning. Leads are expecting to attract enough demand for a benchmark trade, but, with pricing tight for German states, it could be difficult to stir up demand.
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The German Laender (42) priced its first trade of2013 on Thursday, plumping for a 10 year benchmark. The deal hit full subscription despite bankers away from the deal calling the pricing tight. The State of Thuringia is now considering a 10 year trade, according to syndicate official.
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The Autonomous Community of Madrid’s decision to complete all of its 2013 funding in one fell swoop on Wednesday may have left it with a higher than necessary cost of funding, warned bankers on Thursday. With the rally in the eurozone periphery showing no signs of abating, a more staggered approach to funding could have saved the issuer precious basis points.