The IFLR awards are all about innovation. I've said it many times, but it's worth saying again. It's worth reiterating because this market is all about innovation. If you're about to break a leverage covenant, no one will sub-underwrite your equity raising and the Association of British Insurers (ABI) is making it difficult to issue more than 5% without shareholder approval, you need innovation. You need lawyers that can find rather new, rather innovative solutions. Like recreating exactly the same economics as a debt repurchase through a total return swap, or a short-term equivalent through a credit default swap.
March 31 2009