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Sub-sovereigns

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Second digital project won’t be the issuer’s last, Länder peers may be ‘interested and willing’ to join in
SSA
◆ Half-year close keeps some issuers on sidelines ◆ Bankers expect big euro supply to come ◆ More concession on pricing could be required
A Kilt will pay a spread over Gilts it cannot justify on credit, which makes it a political gesture rather than a funding tool
Guillaume Pichard, assistant deputy minister, on the five year call, the repo boost and the cost versus home
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  • SSA
    State of North-Rhine Westphalia announced it has mandated six banks for a December 2017 euro benchmark on Monday afternoon, while State of Lower Saxony drew higher than expected demand on a seven year tap.
  • SSA
    Instituto de Crédito Oficial and Comunidad de Madrid raised €135m via taps on Thursday as Spanish issuers rounded off a successful week for the troubled sovereign.
  • SSA
    State of Brandenburg became the latest of many German regions to enter the capital markets this week, pricing a €500m floating rate note — albeit at the wide end of guidance — on Wednesday afternoon.
  • SSA
    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.
  • SSA
    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.
  • SSA
    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.