Other agency traders saw the move as a straightforward league-table play by the underwriters. "[The leads – Banc of America Securities, Deutsche Bank and Merrill Lynch] are hoping they'll make up the loss [for selling into a congested market] with the next global bond," another agency trader said. But even as a league-table play, the sale is noteworthy for coming at the beginning of the month rather than the end to bolster league standings, the strategist noted.
Dan Markaity, manager of global public credit at Merrill, and Pat Coleman, head of the agency and sovereign business at BofA, did not return calls by press time. Jeanmarie Genirs, head of agency debt at Deutsche Bank, declined comment.