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FIGSenior Debt

Syndicates clash over ‘clumsy’ Coventry execution accusation

lions fighting fotolia px230x150 for gc

Syndicates clashed over the execution of a Coventry Building Society senior bond offering on Tuesday. Bankers away from the deal said the UK firm started ‘extremely cheap’ at initial price thoughts, but a lead manager believed the notes tightening by 1bp in the secondary market on Wednesday morning showed that the deal was priced correctly.

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