It used to be the syndicate manager’s most blatant lie: “The bonds were placed mainly with accounts in Asia ex-Japan.” That, everyone knew, meant that the lead manager still owned most of the bonds.
How times have changed. Nowadays, institutions in Asia do very often buy up a large chunk of new issues. Goldman Sachs, for example, estimates that about one-third of the global bonds and jumbo Eurobonds in deals it lead-managed last year were placed in non-Japan Asia (and about another 15% in Japan).
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