SSAs struggle for prominence in crowded market
A veritable flood of SSA issuers have piled into the market to get deals away this week. SFEF is trying its luck in the dollar market for the first time, the European Investment Bank has re-opened the five year dollar sector and Finland has printed its first in the currency since 2004. Taking centre-stage in the euro market is the Hellenic Republic which, following its downgrade last week, printed Eu5.5bn five year at 260bp over mid-swaps. Cades, Bank Nederlandse Gemeenten, EIB and KfW are also in the market, all in the two year maturity, while Agence Francaise de Developpement is testing appetite at the longer end.