More SSA borrowers lose AAA status and repo eligibility but EIB holds on

The most recent round of downgrades to European sovereigns by Standard & Poor’s (S&P) – most significantly affecting the ratings of Austria and France – has caused A$2.45 billion (US$2.54 billion) of supranational, sovereign and agency (SSA) Kangaroo paper to lose its AAA status. The second largest Kangaroo borrower, European Investment Bank (EIB), has maintained its top S&P rating albeit with negative outlook.

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Latest Issue 2016 February-March

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As volatility ripped through global risk markets at the start of the year, KangaNews took the opportunity to take the pulse of a number of key sectors – including corporate bonds on- and offshore, SSA issuance in Australia and New Zealand and the high-yield sector.