Order inflation takes blame for Aramco bond slide

Saudi Aramco might have expected a $12bn bond it issued on Tuesday to be hailed as a triumph, coming as it did well inside its sovereign curve after taking orders that at one point reached $100bn. But after pricing, the demand evaporated, the bonds fell below reoffer, and the notion that the European Market Abuse Regulation has ended the practice of order inflation was left in tatters.

  • By Francesca Young, Lewis McLellan
  • 11 Apr 2019
After a stable start to trading on Wednesday morning, the bonds started to slip, and continued to slide on Thursday. All the bonds were sat below reoffer by the close on Thursday, with the 20 year the worst hit at more than a point down on its pricing ...

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5 BNP Paribas 13,314.75 76 3.83%

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5 Morgan Stanley 3,743.80 11 8.23%

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5 BNP Paribas 6,124.26 18 5.69%

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5 Citi 95.36 35 5.16%

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5 JPMorgan 1,110.10 13 9.01%