The Mumble: SSAs should play the long game in PPs

31 Jan 2014

With a spectacular January in the public markets behind them and much of the new year’s liquidity safely tucked away in some juicy deals, the smartest SSAs will dust off their medium term note programmes and start weighing up their private placement options. And — with investors sniffing around for anything with a whiff of yield — there are a multitude of opportunities for the issuers to push out their average maturities.

MTN volumes from SSAs are down compared with this point last year — around €6.2bn of flow has come over January, compared with €9.1bn issued over the same month last year.

But with the threat of emerging market volatility spilling into the wider SSA sector, execution of benchmark deals ...

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