Local and regional debt issuance, particularly in euros, has been the fastest-growing sector of the international bond markets. Annual issuance in 2002, for example, was up 258% on issuance three years before. Most is accounted for by the German Länder. Of the top 10 issuers in the past year, seven are German – with Land Berlin topping the issuer league table with almost $10 billion-worth. The other three are Canadian issues.
The investor base in this market is skewed too.
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