The Investment Association (IA) is attempting to improve transparency and fairness in bond markets during exchange and tender offers - the process whereby an issuer exchanges its existing bonds for new bond issuance or buys them back for cash - via the publication of a series of best practice guidelines.
Exchange and offer processes, according to the IA, are hindered by a "general lack of transparency as to the rationale, process and outcome of such transactions", which potentially leaves investors with...
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