A raw deal

Cover story: Bond allocation


When Ciba, a Swiss chemicals company, launched a €500 million bond in mid-June, the orders totalled more than €4.5 billion. In fact, within just two hours of the books being opened the bond was already four times oversubscribed.

The deal was duly reported as a resounding success. Investors were happy that the bonds tightened 10bp within hours of launch; the company received a categorical vote of confidence from the markets; and the banks proved their ability to deliver the right

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