SSAs should toughen up on pricing

By Lewis McLellan
21 Jan 2020

Bankers are quick to warn issuers of the problems that arise from pushing too hard on pricing. But borrowers such as Rentenbank are showing that those with smaller funding needs don’t necessarily have to take them at their word.

Last week was the latest example of an “underwhelming” Rentenbank trade. The $500m seven year bond was priced rather sharply at mid-swaps plus 14bp, and the only book update showed $325m of orders. The leads declined to comment on whether the deal was fully covered, and bankers ...

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