Three’s no crowd as pipeline for SSA dollars looks thin
Just three names populate the deal pipeline in the dollar market among sovereign, supranational and agency new issue markets. Senior SSA bankers are eagerly awaiting mandates from Rentenbank, the International Finance Corporation (IFC) and the African Development Bank (AfDB) but timing on each of those deals is unclear.
But bankers who had expected German agency Rentenbank to bring a global benchmark with a seven year maturity this week were left baffled that the deal did not emerge given that there was no competing supply and plenty of demand to sustain a trade.
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