SSA market ignores ECB uncertainty, but dark clouds gather

摘要

The primary SSA market has got off to a surprisingly resilient start to the year, but the market may not be as robust as it seems with secondary trading performance showing signs of weakness. With the ECB cutting down its monthly bond-buying to €30bn (from €60bn) and interest rate rises possibly on the way, it's clear 2018 is unlikely to be business as usual.