This month sees the annual influx of capital markets luminaries to London for Euromoney's Global Borrowers and Investors Forum. Just across the English Channel, it also sees the kick-off of a minor sporting event: soccer's World Cup. Perish the thought that dedicated capital-markets players might regard attending the former as an opportunity to drop in on the odd game or two.
The allotment of World Cup tickets has been branded a farce by many outside France, with dedicated fans unable to get in to matches. It's a familiar feeling for those banks unable to squeeze onto the sponsors' panel for Euromoney's forum.
Aggrieved at their exclusion, a number of banks are believed to have resorted to spoiling tactics. Chartering private jets, they are intending to spirit away less-than-dedicated delegates to watch World Cup matches.
Those who don't get offered a freebie flight to France may be able to console themselves by taking a punt on the outcome of the competition, at least if they have a football-loving corporate treasurer.
An MTN term sheet has been spotted offering investors a football-linked note. The idea is fairly simple. A zero-coupon note is issued at 100%.