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First Canadian province to visit euros in 2026
◆ Cautious start after spreads moved around ◆ KfW's spread tightens, but Länder unmoved ◆ ‘Real’ Länder-KfW spread yet to be established
German sovereign goes for conventional over green as smaller peers join a crowded Tuesday
Primary market shows strength but pockets of weakness a reminder that ‘1bp could make all the difference’
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◆ German state brings fresh paper after KfW sets benchmark ◆ Appropriate spread to KfW dominates discussion ◆ Has market weakened from last week? -
Finding right pricing ‘not easy’ but issuer navigates challenges to score record book and put important pricing point on euro curve
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◆ Issuer tests appetite with two stage tightening ◆ New issue concession estimated ◆ Buyers pile into Wallonia's shorter tranche
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◆ Surprisingly busy Friday with three SSAs pricing ◆ Unusual move pays off ◆ Record size, and lots of discussion on spread
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Record-breaking $4.5bn deal attracted a $16bn order book
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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
