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Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

League Tables - 120



Asia Pacific (ex Japan) Investment Grade - End of H1 2008


Pos. Bookrunner Parents Deal Value $ (m) No. %share
1 Citi 4,863 24 4.7
2 National Australia Bank 4,408 9 4.3
3 UBS 4,169 16 4.0
4 Industrial & Commercial Bank of China - ICBC 3,224 4 3.1
5 JPMorgan 3,219 15 3.1
6 Guotai Junan Securities Co Ltd 3,094 2 3.0
7 Goldman Sachs 3,050 9 3.0
8 HSBC 3,039 27 2.9
9 Barclays Capital 2,860 12 2.8
10 Korea Investment & Securities 2,834 36 2.7
Total 103,394 521 100.0
Source: Dealogic


If you gear up 15 times and fund overnight there is no model in the world that is going to be able to solve that

At least one banker does not subscribe to the view that the meltdown in structured finance was entirely a result of inaccurate modelling

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