Bond syndication process cheats investors
New issue distribution is not a fair deal for bond investors because the syndication process is so opaque
If there is one thing that is irrefutable about markets, it’s that they are a people business. Investment banks spent their lives knocking up pretty pitch books about how broad their business is, where they can distribute and how they love their customers. However, when push comes to shove, it’s not what you know but who you know. And most of the pushing and shoving takes place in the syndication process.
New issue distribution in credit markets works to its own rules and this has caused an
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