SSAs prioritise price as investors clamour for more supply

By Nathan Collins
25 Jun 2014

Dollar floaters and opportunistic euro deals are expected to make up the lion’s share of issuance this summer, as well funded issuers shy away from benchmarks. They will concentrate on securing an attractive cost of funding instead of the emphasis on volume that pervaded the opening months of the year.

The cost of holding unused cash and lower than expected disbursements may lead SSAs to shy away from the primary market, even with conditions offering tantalisingly cheap funding opportunities, said syndicate managers.

Market participants have suggested that the European Central Bank’s decision to cut rates last month could ...

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