PMM: SSA subscription levels rise compared to 2020

By Johan Lai
30 Mar 2021

As the first quarter draws to a close, Primary Market Monitor investigates how issuance conditions have changed for SSA and corporate borrowers since the coronavirus pandemic first struck, with notably more demand for high grade paper.

Subscription levels in the SSA market have been consistent over the quarter but are up on the same period in 2020. The average subscription ratio on new SSA bonds has been between four and five times the deal size in the last few weeks. It reached 4.7 times ...

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