Borrowers awards 2004: Best borrowers adapt to investor worries

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WHEN 26 UK and European institutional investors put together a working paper calling for improved standards in the euro and sterling credit markets, it attracted plenty of attention. JPMorgan broadened the debate, organizing a seminar in the House of Commons in November, inviting the signatories to the paper, plus some 15 buy-side firms and representatives from rating agencies, the International Primary Markets Association (Ipma) and other banks.

Then things went quiet.

There was little to suggest that the working paper recommendations – which ranged from establishing minimum covenants for high-grade issuers to improved documentation standards to better disclosure and liquidity provision by banks – would be enforced.

Ipma's market practices committee decided it was not its place to interfere with investor issues. The Association of Corporate Treasurers came out with a lukewarm response in December and bankers were broadly non-committal. In a primary...