Bond issuers may occasionally give their bankers the run-around in an effort to reward other relationships or cut their fee bills.
However, it’s not often that they have the chance to trounce them so publicly as they did in the issuers versus borrowers capital markets quiz at Euromoney’s Global Borrowers and Investors Forum in London last month.
To be fair the quiz, over several rounds, was hotly contested. The bankers team, comprising Charlie Berman of Citigroup, May Busch of Morgan Stanley, Joe Dryer of Dresdner Kleinwort Wasserstein and Robert Gray of HSBC, was running neck and neck with the issuers until the very last question about American-style options and when they can be exercised.
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