The German State of Berlin opened the order book on a 10-year bond issue on Monday, taking advantage of debt-friendly market conditions.

The state hopes to raise at least €1.5bn ($1.8bn) from the sale, which will be Berlin's second benchmark bond this year following a €2bn deal launched in February. It aims to capitalise on the low interest rate environment that has made bond issues cheaper for borrowers.

Piers Townsend

Morgan Stanley

Moody's

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Todd replaces Camilla Stowell who left the NatWest-owned wealth in January

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