June 2007
Debt: More SSA benchmarks?
by Alex Chambers and Jethro Wookey
Interest-rate-related MTN supply has fallen.
The prospect of more benchmark issues from top-quality issuers is likely because of a collapse in demand for interest-rate-based structured MTNs. This will not suit issuers, which have taken to the product with some enthusiasm.
High-quality borrowers only issue benchmarks to achieve volume and maintain a level of market visibility. They are able to print at far tighter spreads using structured medium-term notes. In the past few years, there has been a boom in interest-rate-linked MTNs that has enabled supranational, sovereign and agency borrowers to finance on highly aggressive terms. A borrower such...
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