JPMorgan
JPMorgan has been the most innovative in this field over the past year and has topped the league tables in Europe as well as placing highly in the US and in Asia.
In Europe, JPMorgan has grabbed headlines for its role in developing the exchangeable structure as a privatization tool. Exchangeables have been used in privatizations before but it was the e5 billion Kreditanstalt für Wiederaufbau (KfW) exchangeable into Deutsche Telekom in 2003 that really cemented the product?s reputation for this use.
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