You pay the final price. The instos decide where in the range it lands. From my feedback from broker there’s interest at the lower end. Generally speaking if it doesn’t go off at the top end, then you can assume demand wasn’t overly hot.
a $600mln raise with half going to the seller and alot of the rest to pay down their hedge book. I’m not sure about this one. Seems like very astute timing from some very smart sellers.
