How the trade worked
Global co-ordinators of Italian privatization offerings (including warrants)
January 1 1993-December 13 1996 |
| Position |
Manager |
Amount ($ million) |
| 1 |
Istituto Mobiliare Italiano |
13,629 |
| 2 |
Credit Suisse First Boston |
9,016 |
| 3 |
Goldman Sachs |
3,912 |
| 4 |
SBC Warburg |
2,729 |
| 5= |
Banca Commerciale Italiana |
1,611 |
| 5= |
Lehman Brothers |
1,611 |
| 7 |
Credito Italiano |
1,030 |
| 8 |
Morgan Stanley |
639 |
| 9 |
Banque Paribas |
329 |
| 10 |
Merrill Lynch |
288 |
| Source: Capital Data Bondware |
It was a dilemma worthy of a parable. Would the former US treasury under-secretary round on his money-hungry bond traders and make them give their profits back? Or would he tell the client that this had simply been too good an opportunity to miss and risk scuppering for years one of the firm's best sovereign relationships.
In the event, David Mulford's choice may be remembered as the occasion when an investment...
