GSS/S issuance for SSAs falls after strong start to 2023

In our monthly Sovereign, Supranationals and Agencies (SSA) sustainability newsletter we breakdown the trending ESG* trades and themes, helping SSAs get ahead of the latest issues shaping the market.

SSA GSS/S Issuance

GSS/S issuance fell considerably in July and August (-57% compared to 2022), as the slower summer period set in. Green GSS/S issuance (c. $103.4bn) represents 48% of GSS/S issuance in 2023 year-to-date (YTD), with a slight lead relative to social and sustainable issuance (22% and 29% respectively). GSS/S issuance in the SSA space is led by Agencies / Local Authorities (44%) followed by Supranationals (29%) and Sovereigns (28%).


SSA GSS/S Supply 2022-2023 YTD

Source: Dealogic (01/09/23)

Global EUR/GBP/USD SSA GSS Issuance

  • Sovereign: YTD GSS issuance of $60bn, largely consisting of green bonds, but we have seen a pickup in SLB issuance from Chile.
  • Supranationals: YTD GSS issuance of $62bn, led by sustainable bonds (57%) followed by green (31%) with social issuance lagging (12%).
  • Agencies / Local Authorities: YTD GSS issuance of $73bn, led by social bonds (47%), followed by green (38%) with sustainable issuance lagging (15%).

SSA GSS/S Private Placements

The Central American Bank for Economic Integration (CABEI) recently privately placed a new green bond with Asahi Life. The bond will be used for projects aimed at water resource management, renewable energy, blue economy and protection of marine ecosystems in Central America.


IDB Invest privately placed a new green bond with Taiju Life and flagged Central, South America and the Caribbean as areas particularly susceptible to the impacts of climate change.

SSA Sector Developments

Investor Developments

Government and Regulatory Developments

ESG and Credit Rating Agencies Developments

Find out more

If you would like to discuss any of the above further, please reach out to our authors:



*For further analysis and information on the Primary and Secondary Markets, take a look at the full monthly newsletter on Market Insights. If you do not have access to Market Insights, please contact us here. Also, for any unfamiliar terms used within this article please refer to our insights glossary.

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