Send us a text◆ The challenge for SSA issuers next year ◆ German banks and the commercial property millstone ◆ Hybrid hot streak explainedSSA bonds in euros have widened against swaps by quite some way in recent months. That will present a big challenge for the asset class's smaller issuers next year. We explain how the market will find a new clearing level.German banks - two in particular - have suffered from investor fears over exposure to commercial property. Those fears have abated over 2024 but this week there was a deal that suggested a mild degree of terror lingers. We investigate.Finally, there has been a spate of corporate hybrid debt issuance lately. We find out why and whether there is more to come.

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