The Mumble: In praise of undersubscribed deals

The European Bank for Reconstruction & Development and Spain’s Instituto de Crédito Oficial gave SSA bankers cause for pause this week, producing a pair of deals that, while they were not exactly unsuccessful, had book builds that were a far cry from the rolling around in piles of money exercise that the bulk of supranational and agency syndications have been partaking of so far this year. But rather than being a sign of the SSA rally running out of steam, these deals are an important sign of market robustness.