The manner in which syndication is becoming an increasingly fraught method of raising money for SSA borrowers was highlighted this week by the bookbuilding process for a five year global bond from the Province of Ontario.
EuroWeek understands that one of the SSA markets largest investors withdrew a substantial order minutes before the book closed, leaving the $2bn deal undersubscribed. Additional demand came in to take up the slack and the transaction was ultimately oversubscribed at $2.2bn but it made for a very nervous
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