Global SSA Special Report 2024 (June 2024)

There has never been so much momentum to reform the multilateral development banks. But most of the many avenues to expand their lending have run into difficulties. Jon Hay reports

For those hoping that the EU, with its swollen borrowing programme since the pandemic, could become a common European safe asset, the wait may take a little longer as the issuer works to establish itself as a sovereign-like entity and the bloc struggles to make progress on Capital Markets Union. Addison Gong reports

Multilateral development banks find themselves swept up in two parallel waves of change. As bond issuers, they are having to deftly navigate capital markets that are still emerging from the end of years of historically low rates, being forced to call upon all their experience and sophistication as they fund across multiple markets. At the same time, with the pressure on to fill the huge gap in global development finance, these institutions are being asked to work out how to better use or expand their balance sheets and lend more — all while maintaining their precious credit ratings. GlobalCapital gathered some of the leading supranational issuers at a roundtable in New York City in May to discuss how best to deal with the challenges of this changing world.

The pace of issuance from agency issuers has been remarkable this year as investors’ renewed love affair with fixed income heats up. But there are still challenges to getting deals done, meaning borrowers must come up with new ways to keep funding ticking over, writes Georgie Lee

Savvy government issuers have been able to fund record volumes from retail investors since interest rates began to rise, which contributed to tighter spreads, even as debt-to-GDP ratios increased. But where next now that banks have caught up, the ECB has cut rates and household liquidity has receded? Georgie Lee investigates

Major shifts in monetary policy and market conditions have created funding opportunities for sovereign, supranational and agency (SSA) issuers, and there is no bank more skilled at devising optimal execution strategy than Santander Corporate & Investment Banking (Santander CIB).

Santander’s success in broadening its SSA business has been nothing short of exceptional. A major force in the local market for years, the bank has rapidly evolved into a global SSA powerhouse. GlobalCapital spoke to Ali Nauman, executive director, SSA DCM, about the firm’s winning strategy, its approach to building relationships and its ambitions for the future.