The Mumble: Madrid horror show shouldn’t dissuade SSAs

The received wisdom in the SSA world is that pulled deals — like Madrid’s abortive attempt to come to the market this week — cause lingering investor distrust and make it hard for borrowers to return to markets when next they need to. But Madrid’s circumstances were as much to blame for this week’s mishap and SSA issuers should still see this autumn as a chance to drive down costs of funding.