PPPKINGDOM has a close friend who buys only TITLED, LIVE MTNs.
He is long time veteran in the MTN game.
He is not part of a trader’s established exit-buyer stream.
Therefore, he is left to buy odd pieces here + there!
His last successful TITLED MTN closing was 30M euro, 3 months ago.
If you are seeking to engage an institutional TITLED seller as a new, unproven buyer, with SBP procedures…….you are looking at endless chain of train wrecks…..because the reality is that no REAL TITLED seller has any need to engage with any new, unproven buyer. His current exit-buyers will always buy 100% of his MTN supply.
Think about this the next time someone calls you saying they have a reeeeeeeeeeal MTN buyer wanting to buy 500T in MTNs with 10 tranches per day as long as you can show ISINs upfront.
Also beware of the reeeeeeeeeeal “seller” who offers 50B contract with ISINs after you submit your client’s CIS. The ISINs will never arrive + your client’s CIS has just been HIJACKED!