SSAs struck down as secondary plummets on supply concerns
The complete dislocation of dollar secondary paper this week has repriced the market for sovereigns, supranationals and agencies and the fall-out in US agency spreads has shocked many investors into inactivity, shrinking the investor base for this prime product even further. This was demonstrated by the failure of issuers like Kingdom of Spain, Rentenbank and others to execute new three year dollar deals this week.
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