Ontario shows issuers at risk from footloose investors
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 market’s 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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