Supranational, sovereign and agency bond issuance slowed in April, as US tariff policy disrupted the market.
The poor conditions wiped out some of the headway borrowers had made by piling up cash with deals issued early in the year.
But even though no borrower is seriously lagging behind with its funding programme, they must strive to pick up the pace again, considering the hazards that lie ahead.
SSA issuers raised $480bn-equivalent in core currency syndicated benchmarks in the first quarter.
That came in handy when President Trump's tariff shock on April 2 spoiled funding conditions. Benchmark SSA issuance fell 12.5% compared with the same month last year, according to GlobalCapital's Primary Market Monitor.
But although SSA issuers are still comfortably well advanced with annual funding, that advantage will not last forever, if volatility reappears.
Issuers must make the most of the windows coming before the traditionally quieter summer months — not to do so would be complacent.
April is usually an active month for SSA funding. The market is typically wide open as the second quarter begins and before the public holiday disruptions of May and June.
In 2024, April's output was 10% of the year's benchmark volume, according to PMM. In 2023, it was 13%.
Falling behind in April can have a knock-on effect for frequent issuers, which rely on being able to come to the market to issue in large size several times a year.
Although the initial burst of tariff-induced anxiety has abated, there are plenty of reasons to fear further upsets.
Trump suspended the worst of the levies, except on China, on April 9 after the US Treasury market went into a tailspin.
But in early July the 90 day reprieve will be up. Who knows what state trade negotiations will be in by then?
Inflation could respawn, sowing uncertainty about the path of interest rates. Recession is a distinct possibility.
Geopolitical tensions are not easing either. Ukraine is still at war with Russia, despite hopes that a peace deal would have been struck by now, while the situation in Gaza is dire.
Many countries are in political turmoil. Friedrich Merz managed to win Germany's general election in February, but on Tuesday some of his own coalition failed to vote for him to become chancellor, meaning it had to go to a second vote.
Six months to the day since the last German government collapsed, Merz secured the premiership, but his initial failure was unexpected, unprecedented and reminded everyone that in the present political scene, stability is elusive.
In the coming weeks, opportunities to issue bonds are all but guaranteed to be sparse and congested.
SSA issuers must be ready to pounce on every opportunity that presents itself to make funding progress.