“We gave our lead managers a very hard time.” Kwon Tae-Shin, deputy director general of the ministry of finance and economy’s international finance bureau, smiles as he describes the negotiations behind Korea’s debt debut. Issuer and lead managers, Goldman Sachs and Salomon Smith Barney, clashed hard on everything from price to fee structures. All night meetings were common. One went on till 3.30am in the bowels of New York’s Four Seasons Hotel just hours before the deal was to be launched.
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