The treasury head for one of Europe’s largest capital markets borrowers, Germany’s KfW, said last week that primary markets syndicates ‘know less about the markets than 10 years ago’, leading to bankers being more conservative about where to price bond issues than in the past.
Speaking on a panel at the International Capital Market Association’s annual general meeting in Stockholm last week, Frank Czichowski, senior vice-president and treasurer of KfW, said: “A lot of information was shared between syndicates in the past, and as a consequence, syndicates knew a lot about the market.
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