SSAs to hit brakes on supply in second half

Several sovereign, supranational and agency issuers have begun working on plans to bring benchmarks after the summer break, but supply is set to be lower in the second half of this year than in the same period last year as issuers are well funded and reluctant to take on the cost of holding cash on their balance sheets while rates are so low. Some major borrowers have already dismissed the prospect of pre-funding.