More steinhoff paper came to the market last Thursday, adding to the three convertible bonds outstanding, with the furniture company picking up €1.1bn from seven-year CBs. The amount of Steinhoff paper in the market and the late July setting prompted a pre-sounding exercise on Wednesday. "Normally, you wouldn't wall-cross a name like Steinhoff that has been in the market several times, but it's the end of July and it's big, so it made sense to speak to accounts in advance," said a banker at one of the four joint bookrunners - Citigroup, HSBC, JP Morgan and Natixis.
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