Euroland Municipal Bonds: New city states
On January 8 1999, as if responding to Ile de France’s enthusiastic advocacy of bond issuance by smaller communities, Aubagne (population: 41,187) tapped the euro capital market. The picturesque medieval town near Marseille was apparently well received – it increased its bond from €55 million to €60 million that same morning.
Aubagne is best known as the birthplace of writer Marcel Pagnol, and its surrounding countryside as the setting of his two most famous novels, Jean de Florette and Manon des Sources, later memorably filmed.
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