FOR 2010

摘要

For many sovereign, supranational and agency (SSA) borrowers, 2009 turned out to be something of an extraordinary year. The benign tailwinds of cheap and plentiful liquidity, reduced competition from the government-guaranteed sector and continued flight to quality among investors all helped to underpin a buoyant primary market for the world's top borrowers. The consequence was that many SSA borrowers that began 2009 fearful about how they would meet hefty funding requirements were able not just to complete their programs quickly and efficiently. Many were also able to pre-fund some of their 2010 programs at pricing levels and maturities that would have been unthinkable at the start of 2009, when some SSA borrowers were preoccupied with accessing liquidity at virtually any price.