After seeing significant interest with an unprecedented $100 billion in orders on Tuesday, Aramco’s bond saw but mild upward moves on Wednesday, its first day out of the gate. The lackluster response suggests, according to Reuters sources, that the initial demand was inflated. Despite the $100 billion in orders, only $12 billion of debt was issued—this huge disparity in the two led many to believe that first-day activity would have been stronger than it was. The reason for this, according to a trader who spoke to Reuters, is that many had already anticipated that the demand would be significant and orders would go unfilled, so traders placed additional orders in hopes of elbowing their way past other traders who were also scrambling for a piece of the Aramco pie. Still an overall success, if not somewhat disappointing, the bond sale has dispelled any notion that traders are overly concerned […]