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.
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