Holidaying SSAs missing out on great conditions for issuance

Is the SSA market heading off on holiday at just the wrong moment? A record-sized dual tranche deal from Japan Bank for International Co-operation has proved that there is plenty of cash in the dollar market for issuers that are prepared to pay up, while a pair of tightly priced but just undersubscribed trades showed that issuers can get away with aggressive pricing. But despite market conditions finally proving conducive to issuance after weeks of volatility, the SSA pipeline in dollars looks bare, writes Tessa Wilkie.