EFSF extracts to the max with €5.9bn megabond
The EFSF exploited investors’ hunger for new issuance on Wednesday to lop a €5.9bn slice off of its remaining funding task for the year. Bankers away from the trade pointed to a seemingly gratuitous order book and a hefty new issue premium to suggest the borrower had overpaid for the size but the lead managers defended both the premium and the pricing.
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