Bill of rights

Bondholder ultimatum

Bondholders of the world unite and take over! Or at least demand better covenant protection, higher documentation standards, greater disclosure and improved ratings practices for sterling and euro credits.

These are the noble aspirations of a group of 25 bondholders seeking to improve the way the markets work and redress the balance between issuers and investors. The bondholders unleashed their demands – or more accurately, aspirations – on the fixed-income community on October 1 in the form of a