DOWN WITH INNOVATION!
The best brains in investment banking wrestle daily with this
problem: how to persuade one of America's giant corporates to come
to market. The incentives are the fees to be made, the cachet of a top
US name, and the opportunity to make money on the positioning and
trading of brand-new securities. But do these superbrains go about it
in the right way? According to their clients, usually not. A series of
Euromoney interviews with large US borrowers revealed some surprising
dissatisfactions.
Investment bankers complained that treasurers at both industrial
corporations and financial concerns are not much good at wrestling with
the gritty details of capital market issues. What's more, the
innovations dreamed up by the investment bankers are not much admired by
the treasurers.
A rabble of creative and aggressive rivals is daily battering at
the same door, hanging on the same telephone line, and...
