The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Borrowers awards 2004: Best borrowers adapt to investor worries

As Euromoney's annual awards show, best borrowers come in all shapes and sizes, winning acclaim because of their investor appeal, tight pricing, good timing, or structural ingenuity. But, as Kathryn Tully reports, activists on the buy side are developing a more formal view of the basics of an investor-friendly issuer.


North America

Latin America

Western Europe

Emerging Europe


WHEN 26 UK and European institutional investors put together a working paper calling for improved standards in the euro and sterling credit markets, it attracted plenty of attention. JPMorgan broadened the debate, organizing a seminar in the House of Commons in November, inviting the signatories to the paper, plus some 15 buy-side firms and representatives from rating agencies, the International Primary Markets Association (Ipma) and other banks.

Then things went quiet.

There was little to suggest that the working paper recommendations – which ranged from establishing minimum covenants for high-grade issuers to improved documentation standards to better disclosure and liquidity provision by banks – would be enforced.

Ipma's market practices committee decided it was not its place to interfere with investor issues. The Association of Corporate Treasurers came out with a lukewarm response in December and bankers were broadly non-committal. In a primary market where demand outstripped supply, they suggested the timing of the working paper could not have been worse.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree