THE START OF the year saw the usual spectacle of high-grade issuers jostling for position in the new-issue pipeline, mostly meeting with a decent reception. But the failure of a 10-year Bund auction to be fully covered was greeted with general dismay. If the benchmark borrower for the eurozone can suffer a failed auction, what hope is there for the rest of its members?
It is a question that is becoming more frequently asked of sovereign and central bank policymakers.
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