World Cup fever
This month sees the annual influx of capital markets luminaries to London for Euromoney's Global Borrowers and Investors Forum. Just across the English Channel, it also sees the kick-off of a minor sporting event: soccer's World Cup. Perish the thought that dedicated capital-markets players might regard attending the former as an opportunity to drop in on the odd game or two.
The allotment of World Cup tickets has been branded a farce by many outside France, with dedicated fans unable to get in to matches. It's a familiar feeling for those banks unable to squeeze onto the sponsors' panel for Euromoney's forum.
Aggrieved at their exclusion, a number of banks are believed to have resorted to spoiling tactics. Chartering private jets, they are intending to spirit away less-than-dedicated delegates to watch World Cup matches.
Those who don't get offered a freebie flight to France may be able to console themselves by taking a punt on the outcome of the competition, at least if they have a football-loving corporate treasurer.
An MTN term sheet has been spotted offering investors a football-linked note. The idea is fairly simple. A zero-coupon note is issued at 100%.