Belgium sold a 15-year OLO last month but rather than hit its customary size of €5 billion settled for a €4 billion trade via Calyon, Citigroup, Fortis and Goldman Sachs. This was despite having a €8.5 billion order book. The fact that the sovereign sensibly decided not to overallocate hedge funds in what was a choppy market was less newsworthy than the fact that it had given Citigroup a mandate. It has been a long two years since Citi was last given such an honour, a severe punishment for testing the core EU sovereign debt managers’ patience with its now notorious deal on MTS.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
