Big investors have few tactical options in the pursuit of decent allocations in a bull market for bonds. One is to go directly to issuers with reverse enquiry for private placements or to take up in their entirety taps of seasoned outstanding public issues.
As the fight for allocation becomes increasingly intense, this is an option that more investors are now exploring. “Investors cannot find what they want in secondary so they deploy funds in the private placement market as an alternative.
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