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MF Global Offering Stuns Street

Futures broker’s bonds will pay higher rate if CEO Corzine quits.

By Tim Catts, Matthew Leising, Christine Harper, Bloomberg | Updated on August 03, 2011

MF Global Holdings Ltd. took the cult of the Wall Street chief executive officer to a new level with a plan to sell bonds that pay a higher rate if Chairman and CEO Jon Corzine quits to take a job from the U.S. president.

The futures broker is selling $300 million in five-year unsecured notes, said a person familiar with the offering who declined to be identified because the terms aren’t final. The notes will pay an extra percentage point of interest if Corzine is named to a federal post and confirmed by the Senate before July 2013, New York-based MF Global said in a regulatory filing.

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