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It's massively sub-optimal for the issuer since the bankers are not sufficiently incentivised to get the best possible price execution from global investors, in addition, it reduces the banks' bargaining power in private-sector deals.

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    Who said: "Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future."?
    A Lyndon B. Johnson
    B Jimmy Carter
    C John F. Kennedy
    D Gerald Ford