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A USD1.25bn Additional Tier 1 issue for Societe Generalethat priced in early September saw 62% sold to asset managers,for example, while the proportion sold to private banks was amere 20%, much smaller than what banks had become accustomed to.Meanwhile, the Asian investor base, which had an insatiable bidfor the product, has pulled back, only buying 9% of the SocieteGenerale trade.
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