Morgan Stanley and Zurich Financial Services (ZFS) have attracted strong criticism for taking the unprecedented decision to change the currency of an equity-linked bond weeks after having issued it.

Morgan Stanley changed the currency from euros to Swiss francs late last week. This is the first time such a significant change has been made to an equity-linked bond after issue.

Morgan Stanley and Zurich under fire for changing bond's currency

Michael Hoare

Morgan Stanley

Zurich Financial Services

Deutsche Bank

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