Masochistic Italian banks

25 November 2002 By Rob Cox

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Masochistic Italian banks

25 November 2002 By Rob Cox, Rob Cox, Rob Cox, Rob Cox

Cirio’s bankers exploited a loophole allowing unrated bonds without any prospectus to end up in the hands of retail investors. Now that the E1.1bn bond has defaulted, retail investors will at least temporarily lose their appetite for corporate bonds.

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