Stuffed
Stuffed means a dealer or salesperson was left long (or short) inventory they did not want, usually after a client or a syndicate left paper on the desk.
Definition
To stuff someone is to transfer unwanted risk onto their book — a new issue that does not clear, a bid you hit that immediately fades, a syndicate allocation that will not trade. The stuffed party now has to work out of it.
Why it matters
Inventory is a constraint. A stuffed Street is tomorrow’s cheaper offer and a worse bid for the next seller.
Case
A jumbo IG deal that ‘prices tight’ and then freezes in the break: syndicate desks are stuffed, secondary cheapens 5–10 bp, and the next issuer pays up.
How to read it
Watch the break and the Street axe. If every dealer is the same way around, the move has further to go than the press release says.