A bond market worthy of the name
Just a few short weeks ago, the government guaranteed bank bond market was threatening to become a dreary procession of nondescript identi-bonds. It might not be to every issuer’s taste, but the cut-throat scramble that has instead emerged can only be welcomed by anyone wishing to see a vibrant bond market.
It was all so sedate. When government guaranteed bank (GGB) issuance started, there was one deal a week; issuers and investors both appeared satisfied with the pricing; and each trade attracted huge order books to boot. Issuers capped their deal sizes, priced at the same levels, took it
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