The Investment Association is a trade body representing about 200 investment managers which collectively manage about GBP 6.9 trillion on behalf of clients worldwide. On Tuesday it published a set of guidelines for exchanges of new bonds for old ones, and bond buy-backs. It notes various concerns with existing processes, including “a general lack of transparency as to the rationale, process and outcome of such transactions, potentially leaving investors with insufficient information to allow them to reach a sound investment decision…” and “short timescales which do not give adequate time to assess the offer”. If you are doing one, you should make sure you know what these are. Readers will remember the LBG co-co bond affair, where the Supreme Court eventually found against retail bondholders, many relying on the income to fund nursing homes and day to day living expenses, who had been persuaded to swap their very good PIBs for LBG bonds that contained a redemption at par option that LBG subsequently exercised, saving itself about GBP 2bn, and that investors had no real chance to understand (even the Supreme Court judges disagreed on what it meant). The guidelines do not refer to the LBG case but may have had it in mind. Would they have made a difference?