SSA Report 2016

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  • Here be monsters: EU SSAs chart new maps for funding

    There’s been no shortage of perils in the capital markets in the last few years, both foreseeable and not, and SSA borrowers in Europe have had to change the way they approach the markets to keep afloat of their funding targets. Graham Bippart reports.

  • Secondary markets feel the PSPP pinch

    Bond buying by the European Central Bank has squeezed SSA secondary market liquidity, crowded out real money investors and sent new issue concessions soaring. Lucy Fitzgeorge-Parker reports.

  • Primary dealerships under fire as banks revamp strategies

    The mood across most of investment banking in the current climate is gloomy, but among primary dealerships it is especially miserable. Owen Sanderson looks at a model under pressure.

  • Changing appetites in Kangaroo market

    Volatility and changing demand have forced issuers to change their style of issuance in the Kangaroo market, printing smaller deals to demand rather than benchmarks. But the market has not stopped providing valuable opportunities for duration and arbitrage. By Lewis McLellan.

  • SSAs adapt to changing private placement market

    The world of private placements is developing and SSA issuers are having to adapt to the new conditions to continue to find funds outside the public markets. Lewis McLellan reports.

  • Supras dump January blues to enjoy enviable conditions

    Supranational issuers have left a difficult start to the year firmly behind them, with funding opportunities now available in a range of tenors and currencies. A more benign interest rate outlook in the US compared with the start of the year, along with increased interest from the enormous US investor base, are opening up avenues in dollars. In euros, despite record low and in many cases negative yields, funding opportunities exist across much of the curve.

  • Dollar market no longer just a short term option for SSAs

    Thanks to negative yields in euros, the level of demand for new issuance at the shorter end of the SSA market in dollars has shocked even the most prolific borrowers. It’s not just been at the short end either — the World Bank and KfW generated a combined $14bn for their $5bn trades in May — prompting some to remark how mature the dollar market has become. Philip Moore reports.

  • Agencies water green shoots but liquidity dwindles

    European agencies are enjoying new funding avenues, with more issuers planning to enter the green bond market this year while others are seeking to boost the nascent social bond market. Such diversity in sources is taking pain from other areas, however, with arbitrage opportunities limited in emerging market currencies.

  • Political risk no obstacle to SSAs selling EM currencies

    Undeterred by political risks, investors are moving back into emerging market currencies in an effort to combat the wafer thin or, in some cases, negative yields in core markets. Lewis McLellan reports.

  • Data tables

    Selected borrower data

Publisher: Oliver Hawkins

Telephone: +44(0)20 7779 7304

Commercial director of events: Daniel Elton

Telephone: +44 (0)20 7779 7305

 

Publisher, special projects: Ashley Hofmann

Telephone: +44 (0)20 7779 8740