The Raw Deal


Secondary market volatility is starting to be felt in the primary markets, where investors are pushing issuers onto the back foot in terms of price guidance. There was even one remarkable climb-down over Swiss agribusiness firm Syngenta’s covenant package.

Syngenta, rated A-, first approached the market with a €500 million 15-year deal, managed by CSFB, HSBC and Morgan Stanley. As the roadshow went on, however, it became clear that investors – who can’t pick up a copy of The Financial

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