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CAF's Manuel Valdez discusses the issuer's huge blowout and future funding opportunities -
Issuers crowd into private market, with many opting to fund in Honkies
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Long-dated bonds in demand as callables lead. Euro and dollar floaters mop up cash
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Short dated vanilla paper led the flow in dollars and euros this week, with local currency clips adding breadth
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Club-style PP helps issuer sidestep summer execution risks
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January levels suggest late August euro NIPs could be small
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Long tenors shine as US tariffs brushed aside and investors deploy cash ahead of autumn
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◆ Zero coupon-to-fixed rate structure gives 'extra yield and steady income' ◆ Dollar zero coupon callable enquiries increase ◆ SSAs evaluate duration needs amid long-end steepness
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Internal restrictions mean SSAs issue fewer CMS-linked notes
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Seasonal slowdown sees demand cluster in one to six year vanilla private placements
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◆ Chinese bank treasury shift from USTs to dollar callables considered ◆ Some European SSAs face cross-currency limitations ◆ Previous market staple 'almost non-existent'
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The emirate has not printed in the public markets since 2024
