Size doesn’t matter: small trades take over FIG market

By Frank Jackman, Tyler Davies
19 Nov 2020

Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.

Five of the nine new bank bonds priced this week were smaller than €500m, which is typically considered to be the benchmark size for issuance in euros. 

By rights, these transactions should have appealed to a more limited set of investors through falling short of the benchmark. 


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