Machismo in New York
Crazy things happen in the Eurobond market. Everyone admits it. But it’s doubtful if the craziness will end in 1986.
Call it what you will, mispricing, under-pricing or aggressive pricing, was a practice which intensified last year. But there’s been a general reluctance to acknowledge that the true reason for it is the oldest one in the book: the desire by some houses to increase market share, to buy their way up the league tables, to shower themselves with publicity, to prove their machismo in the emerging global securities market.
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