SSA prefunding pressure rises ahead of ugly 2014
With the US debt ceiling crisis only postponed until the traditional new issue season early next year, the sovereign, supranational and agency sector is poised for an aggressive burst of prefunding in remaining weeks of 2013, according to bankers and issuers, writes Nathan Collins.
2014’s punishing schedule of SSA redemptions adds to the incentives to accelerate borrowing, particularly when many names have almost concluded this year’s programmes.
“While the agreement on the extension of the US debt ceiling is supportive of the markets near-term, it does delay the day of reckoning
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