NIPs gnawed off as investors scrap for bonds

New issue premiums have all but vanished from European bond markets, as well as the dollar market for supranationals, sovereigns and agencies, with borrower after borrower ramming pricing down to its curve — and in some cases, way through it. Everyone knows it will end at some point, but for now, investors are offering no resistance — in fact, they are chasing deals tighter. By Jon Hay, Burhan Khadbai, Mike Turner and Tyler Davies