When the Federal Republic of Germany enters the capital markets for a syndicated foreign-currency deal you know the circumstances must be special. Past weeks were remarkable as Austria joined its neighbour: both returning to the dollar market for the first time in four years. A number of Europe’s frequent issuers took advantage of the substantial saving available from issuing in dollars and swapping back to euros.
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value of SSA issuance in first half of September |
"It has been a remarkable September. The volume of issuance in the sovereign, agency and supranational sector has been huge," says Phillip Brown, head of public sector origination, EMEA, at Citi. "We’ve had over $30 billion of supply in the first half of the month, which is as busy as you’d expect in January, not September."
It is unusual for the market to reopen in September with the vigour...
