Initially, the interest centred on the aggressive terms and the fact that the sizeable deal was launched with only one bookrunner û Morgan Stanley û but quite quickly the attention turned to the grey market where the bonds were quoted below par shortly after the deal hit the market, suggesting it was struggling.
However, Morgan Stanley stood by the pricing and offered credit support both through credit default swaps and asset swaps, which gave investors confidence enough to take on the issue. And contrary to...
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