Some issuers seem to have a natural talent for tripping up syndicate banks. In this respect few borrowers rival Germany’s Länder, who recently issued their fifth joint Eurobond. No Länder-Jumbo has ever been a notable success, but this deal seems to have made everyone a loser.
Traders who lost money by shorting the Dm1 billion ($570 billion) issue claim flawed pricing was to blame. The bookrunners, who lost money by supporting such ambitious pricing, accuse foolhardy speculators who should have realized shorting was dangerous.
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