The board of Suez, the French utility, is expected to reward Calyon and Morgan Stanley for their loyalty when it hands out mandates for its €2.5bn ($3.1bn) rights issue.

Both banks are already providing finance and advice to Suez on its €11.2bn offer for the 49.9% of Electrabel, its Belgian associate, it does not already own. Their close relationship with the company practically guarantees them a role in the rights issue and a clean sweep in providing M&A, debt and equity capital markets expertise to the company.