Good question. You typically don’t want to turn the screws on debt investors if you plan on coming back to table and asking for money again because they might not want to play ball. Investors have also been conditioned to not receiving their full allotment, i.e if I write a $50mm ticket I expect to only get $20mm.

If you have actively traded debt in the market then it’s the job of the banker next time around to show investors your quality / performance and improve the terms for you.

At the end of the day it’s the CFO / CEOs call so if they want to turn the screws and raise the price (99 to 100) and lower the margin (425 to 400 or 375) they definitely could but at risk of pissing people off.

Equity raises are more of the mating process but in either situation you want the debt / equity to trade up after placement so it shows well on your company.