Cancel the holiday: SSA markets should be open, not shut

Summer time and the living is (about to get) easy. Bastille Day on Wednesday marks the beginning of the SSA bond market’s traditional six week vacances and issuance is expected to halt. But with market conditions having eased at last — $40bn was issued last week — and many borrowers looking to get their funding programmes back on track following extreme volatility in May and June, issuers, investors and bankers should consider delaying the grand départ.