The Beginning of the End

Two recent moves by large high-grade multinational borrowers are causing consternation in the world of banking.

The first - Ford Motors telling their investment banks that in return for lucrative mandates for bond and equity issues they will be expected to provide credit facilities as well. The clear message - no loans, no bonds or equity deals.

The second - four banks ABNAmro, Deutsche Bank, Goldman Sachs and UBS Warburg, bidding for a $10 billion bond mandate having already provided $7 billion floating rate bank debt for Unilever with almost no front end fees. The financing was to partially refinance the $22 billion term loan used to finance Unilever's acquisition of Best Foods.

On the surface it is a victory for the one-stop...

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