Allocations have long been one of the touchier subjects in the bond business, but there was little complaining about this week's US$46bn deal, the second-largest ever, from AB InBev. That marked a sharp change from Verizon's record-setting US$49bn bond in 2013, which sparked a litany of complaints that resulted in an SEC inquiry into the allocation process. Many on the buyside were unhappy at the time that almost 50% of the Verizon bonds, which tightened by 55bp-75bp from reotfer levels in a day, were allocated to only about 10 top investors.
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