From villains to heroes

On 26 November last year, Citi, the US banking giant, announced - with a ring of nostalgia for those who remember the Latin American debt crisis - that it would sell $7.5 billion of mandatory convertible equity units with an 11% coupon to the Abu Dhabi Investment Authority. Between then and April 2008 a further $40 billion of bank equity instruments have been sold to sovereign wealth funds. Morgan Stanley, UBS, Merrill Lynch and others have sold stakes up to 9% to the Government of Singapore

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.