All dressed up and nowhere to go
The market for SSA issuers could not look much better. A wobble in peripheral markets this week has not been enough to derail positive sentiment but only a few issuers took advantage, despite the approaching Easter break. The rest will hope they do not regret this lack of activity later on in the year.
Borrowers may be well advanced in their funding programmes but that does not mean that they can, as they might be hoping, afford to sit back and watch the spreads ratchet in.
Banks do not have the capital to hold large secondary positions, so a regular stream of primary
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