Banks Bounce Bernie Bond

A second major bank has decided not to support the issue of the Formula One Eurobond, but Bernie Ecclestone refuses to be put off his quest to finance the sport's flotation.


Warburg Dillon Reid joined Merrill Lynch in refusing the chance to join the syndicate behind the launch of the bond, headed by a third bank, Morgan Stanley. The latest rejection has heightened speculation that the issue may yet not happen, with the City still questioning its viability.


Opposing sources have said that the issue looks either "as if it is still going ahead" or that "it's not dead, but doesn't look to healthy", as Ecclestone tries to raise the capital necessary for a full flotation of the sport.