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“The deal has held up very well; it is trading at 17, 18, OK let’s call it 20”

A syndicate manager’s enthusiasm exceeds his maths skills


Euromoney: Is it the case with the securitization market that if you build it [by sorting out the regulation], they [investors] will come?

Banker: If you do that, they will have stampeded into the building site and knocked down all the scaffolding long before you finish

It seems the hunt for yield might now trump the toxic legacy of the securitization market


“The only time I have seen a flicker of panic among policymakers over the potential danger to the real economy of regulating the ABS market out of existence is when you get industry executives, such as one presentation I remember from Ford Motor Credit, making the point that buyers of its auto-loan ABS have never suffered a loss and that if it cannot fund car loans through that channel and its cost of borrowing goes up, that will have direct consequences in job losses”

A securitization banker feels unloved


“I don’t think you can make an exception for Alibaba. Rules are rules. There is a reason Hong Kong is different from other Chinese cities”

A Hong Kong ECM banker says the Chinese tech company should not be allowed to call all the shots over its listing 


“The thing you British don’t understand is that Angela Merkel comes from East Germany. She’s not a capitalist. She’s not even a socialist. She’s a communist!”

A senior German banker offers a surprising insight into his country’s politics