THE GERMAN Länder this week launched their latest jumbo and received an all too familiar response from market participants. The only surprise was the market's muted reaction. But even that offered little solace to the German states involved in the transaction, signalling only that after a series of unsuccessful deals bankers and investors have learned what to expect. "This is a never-ending story," said the head of syndicate at one German bank. "They talk about launching a strategic deal, but it's never going to happen."
March 12, 1999