Appeal Court Backs Up Sales Docs

London's Court Of Appeal has overturned a case in which oral misrepresentation by a structured product sales official was held to have over-ridden written terms and conditions of the instrument.

  • 10 Apr 2006
Email a colleague
Request a PDF
London's Court Of Appeal has overturned a case in which oral misrepresentation by a structured product sales official was held to have over-ridden written terms and conditions of the credit-linked note. In the original case last summer, Peekay Intermark, Harish Pawani v Australia and New Zealand Banking Group, Richard Siberry, sitting as a deputy high-court judge, ruled the contract was void because the investment had been fundamentally misrepresented during the sales process and Peekay was awarded damages (DW, 9/9).

The Court of Appeal's decision last week is important, said Jonathan Kelly, partner at Simmons & Simmons, because it restores certainty to the structured products market and to the documentation of structured notes. He added, however, "It's not a charter for sloppy drafting, it has got to be clear and precise." Pawani confirmed to DW he will not take the Court of Apeal's decision to the House of Lords, declining further comment.
  • 10 Apr 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 313,117.00 1169 8.99%
2 JPMorgan 284,084.45 1296 8.16%
3 Bank of America Merrill Lynch 281,023.48 968 8.07%
4 Goldman Sachs 212,563.64 697 6.10%
5 Barclays 203,259.32 781 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 31,971.88 102 6.87%
2 HSBC 31,940.18 140 6.87%
3 Bank of America Merrill Lynch 29,065.55 82 6.25%
4 BNP Paribas 24,679.63 135 5.30%
5 SG Corporate & Investment Banking 22,195.55 122 4.77%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,960.44 66 7.87%
2 Morgan Stanley 13,992.90 72 7.37%
3 Citi 13,566.56 83 7.14%
4 UBS 13,028.25 52 6.86%
5 Goldman Sachs 11,994.74 65 6.31%