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◆ Germany taps 2056s for second time this year, taking €4bn ◆ Spread was fixed from the start, rare for the issuer ◆ ‘Very, very flat’ 2054-2056 roll was key to the decision
◆ Third suprnational dollar benchmark of the week ◆ Deal was priced after swap spread leaps by more than 1bp ◆ 'Pretty strong' execution regardless
◆ Nordic sovereign brings year's final euro deal ◆ Pricing strategy adjusted after secondary widening ◆ Land NRW attracts with pick-up over KfW
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Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist -
UK chancellor got the big things right in the Budget but made damaging unforced errors
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Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance
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Chancellor’s fiscal headroom surprisingly doubles but backloaded consolidation efforts raise concerns
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Regulator and winning bidder file in High Court to lift injunction on contested contract
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Issuer to fund €6bn-€7bn next year, will be active in January
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