BMO Capital Markets
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Volatile debt markets continue to punish SSA issuers across the spectrum -
Borrowers turn to defensive tactics after market deteriorates overnight
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Spanish sub-investment grade deal fares better than triple-B rated Portuguese peer
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SSA issuers in the dollar market will attempt to break out of three year maturity comfort zone
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Investors plough into short dated tranches though longer deals are still possible
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Best regarded issuers pushed to shorter tenors while lower rated names can go longer
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Issuer forced to be content with minimum size planned priced in line with guidance
