Bankers May Have Been Underpricing Corporate Bonds by as Much as $18 Billion
A new study says there's a flaw in the process for selling new debt issued by companies.
There’s been a rampant bull market in corporate bonds.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
The process of pricing and selling new corporate bonds has often been described as more art than science.
But a new paper from London-based research firm Fideres Partners LLP suggests it may just be inaccurate.