Man Group tests appetite for exotic FIs

Investors’ reviving appetite for risk is truly being tested this week as hedge fund manager Man Group is in the process of raising tier one capital in the Reg S format. BNP Paribas, Credit Suisse, Lehman Brothers and UBS are marketing the perpetual non-call five year fixed/fixed bond at a coupon of 11%. This should attract plenty of retail and institutional demand. To find out how this bull market trade is received in a bear market, read EuroWeek this week.