Bank issuers lavish deals on investors
The big financial institution issuers came out to play in the US bond market this week, swaggering around the marketplace as if the last nine months hadn’t really happened. The biggest of all was the $7bn five and 10 year issue for Merrill Lynch, but JP Morgan, Citigroup, Goldman Sachs, Wachovia, UBS and others brought sizeable deals. Of course, this scale of borrowing also reflects the dysfunction of the short end.
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