IN FEBRUARY, DEUTSCHE Bank launched a e1.06 billion mandatory exchangeable into USA Interactive, a subsidiary of Vivendi Universal. That doesn’t seem a big deal: financial institutions are often able to access markets closed to other issuers. But beneath the surface this was not a straightforward transaction.
Though Deutsche provided the market with few details about the transaction, bankers at rival institutions deduced from comparing the terms and maturities of the warrants and the bonds that the seller was Vivendi itself.
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