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The role of arranger on a Euro medium-term note (EMTN) programme is something of an oddity in the financial markets: banks which arrange programmes expend a great deal of time and resources, but usually don’t charge a cent for the privilege. And, despite this, the arranger is often the poor relation in the programme. “If an issuer comes back from lunch and finds four messages waiting for him one from his arranger, two from his dealer group and one about a reverse enquiry deal the arranger will be the last one he contacts,” says one banker. |
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