Moscow: life under a collapsing sovereign
Europe’s heads of debt origination can’t agree on whether a significant new class of borrowers is emerging. But the figures show that city and regional governments Europe-wide are turning increasingly to international investors for finance.
Municipal treasurers have discovered the roadshow, the yankee bond, and the Eurobond market. In 1990, just one local authority in the whole of Europe issued an internationally targeted bond: the German state of Baden-Württemberg, with a Dm300 million, six-year reverse floater.
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