R P Jairam in his exclusive piece entitled IDBI flexibond managers end discount war (January 24) has referred to the discounting by the lead managers. He says, almost dolefully: But only the investor gains from this exercise. How disgraceful that only the investor should gain! He continues: ... With higher discounts, the investor gets the same bond at a cheaper price. Horror of horrors, what could be worse and how will all this end! And he ends the paragraph with the ex cathedra pronouncement: This is obviously detrimental for the markets in the long run. This makes one wonder, which decade or, more appropriately, which century is Mr Jairam living in?
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