BMO Capital Markets
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Issuers moved swiftly to print deals as the SSA market for benchmark bonds reopened this week -
Sought after deals from ADB and KfW the issuers encourage more SSAs to market
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Pair follow bigger borrowers' lead in announcing dollar bond mandates
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Covered bonds attract big order books, resulting in large euro and dollar deals
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Volatile debt markets continue to punish SSA issuers across the spectrum
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Borrowers turn to defensive tactics after market deteriorates overnight
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Spanish sub-investment grade deal fares better than triple-B rated Portuguese peer
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SSA issuers in the dollar market will attempt to break out of three year maturity comfort zone
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Investors plough into short dated tranches though longer deals are still possible
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