How to measure the success of a bond deal is set to change following developments last month. No longer will bank syndicate heads talk of deals being three, four or Five times oversubscribed, no longer will the participation of the biggest investors be crucial, or even particularly relevant, to the deal going ahead. Even the roles of lead manager and syndicate could change forever.
That, at least, would appear to be the message from those companies which vied to lead manage the First online non-government debt issue.
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