In a quiet corner of the capital markets, a furious race has been taking place for the past two years. Teams of well-paid financial engineers have been striving to build the perfect tax-deductible tier-one capital security for European banks. Accusations of intellectual theft and skulduggery are quick to fly. And it’s little wonder. A standardized, easy-to-use tier-one structure would be irresistible to bank treasurers looking to trim their cost of capital. The firm that makes a name for arranging these deals would be in line for a string of juicy mandates.
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