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rom the outset, L-Bank has been at the forefront of euro-related issuance. Two
years ago, it began issuing benchmarks in the currencies which will make up the future euro.
At the beginning of 1997, it brought the second parallel bond transaction -- after the Republic of Austria - and was the first issuer to launch and price parallels on the same day.
L-Bank is the second most frequent issuer of euro-fungible bonds, behind the EIB, and ranks third in terms of volume after the EIB and Italy.
It has launched nine euro-fungible transactions to date. The largest single line, comprising deals in French francs, Deutschmarks and lira due 2004, which will total around Eulbn equivalent when the deals consolidate in euro.
"Our aim is to make sure that we are known to as many investors as possible," says Stephan Tribull, head of international funding and assets at L-Bank. "Those issuers who are best known to investors when the euro comes into being will have easier access to the market."
The logical progression of L-Bank's strategy was therefore to issue a euro-denominated bond. The twist, however, was that it was launched as a global - the first deal of its kind.
"The depth of the market did concern us before we issued," says...