E.ON DEAL SETS GERMAN PRECEDENT Team of the month;

摘要

German companies cannot do bond but/backs. This summed up the prevailing wisdom -until now. E.ON's recent liability management exercise shows that German companies can successfully tender for outstanding debt, and may encourage others to follow. The past two years have been busy ones for bankers specialising in European corporate liability management, with bond buybacks setting new records. Yet German companies have been conspicuously absent from the scene, believing as they do that buying bonds back from the market is just too difficult. German power utility E.ON has now turned that theory on its head by completing the largest ever buyback in the European corporate bond market.