Hey, they don’t like the deal – pass it on

Remote working means that word of mouth is out and instant messenger is in.

How does feedback get from an investor to an issuer? If investment banks are involved, the answer has traditionally been: “very inefficiently”.

First, an investor might call a salesperson at the bank. They say their piece and the salesperson duly writes it down. They, in turn, call the syndicate desk to tell them the feedback. The desk writes it down. Someone calls the head of syndicate, who writes it down. The head calls someone in capital markets, who writes it down.

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