SSA issuers increase focus on PPs amid quieter period for public markets

Green investors buy when everyone else stops, giving issuers one last pricing lever — perhaps to cross a line none of them wants to reach

◆ Scaled-back bank treasuries snap up rare seven year floater ◆ Dollar FRN drought eases as World Bank extends curve ◆ Floater lands inside fixed rate funding levels

◆ New sterling five year lands after BoE Level B upgrade ◆ Dollar FRN 'snowball' as $2bn raised ◆ Callable issuance steady as zero structures cool

Amid tight budgetary conditions, including persistent inflation, volatile markets and geopolitical tensions, sovereign issuers in the EU face continuous pressure to fulfil borrowing requirements. Simultaneously, these same issuers are having to confront different challenges that range from the growing impact of hedge funds in their order books, and whether this is a good or a bad thing, how to convince new investors that their home currency, the euro, is an alternative to the dollar and how aligned EU capital markets should become and what form this should take. GlobalCapital assembled sovereign debt issuers to discuss borrowing requirements and how they are being met, what the diversification of their investor bases means for the products they offer and the benefits of harmonisation and simpler regulation in the EU.

Supplying a ‘diversity of instruments’ is important for sovereign to meet needs of different investors, says DMO chief