Readers may recall the rather robust stance I took in the aftermath of the dual-tranche seven- and 12-year Adidas bond deal and again after the Metro AG seven-year trade a couple of weeks later. I was surprised by the positive response I had received from -I jest not - around the world, but also by some of the less-than-friendly feedback I received through the networks of a number of the involved parties. A few days after my daily column reviewing the Metro transaction had appeared on the IFR website, I received a message from the head of corporate syndicate at one of the banks involved. It read"… so you don't like German corporates any more?" I have known the chap in question for many, many years so I immediately picked up the phone and called him. Of course we had the jolly old catch-up with all the customary pleasantries and concomitant promises that we must have dinner when either of us is next in the other one's city, but the call was not without deeper conversation.
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