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In normal times, you wouldn’t instinctively bet on the Bundesrepublik Deutschland Finanzagentur to put the cat among the pigeons. But on Tuesday it said this:
“In addition, the Federal government intends to conduct syndicates in the second quarter.”
What?
Yes, you read that right. Germany is going to sell bonds through syndications.
To say this has left SSA bankers open-mouthed would be an understatement even in these interesting times. For run-of-the-mill euro funding, Germany does auctions, not syndications.
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