Quotes of the month
"Don’t be a dick"
What one investor apparently told Glencore’s CEO when Ivan Glasenberg asked about the potential for an 11th hour increase in the list price of its $10 billion IPO in May
"We never intended to be aggressive on price and leave a bad taste in anyone’s mouth. It was always the plan to leave some money on the table"
Steve Kalmin, CFO of Glencore, defends the company’s IPO
"We thought we could relax a bit a year ago but this has not proved to be the case. Counterparty risk used to be our prime focus – now it is also liquidity risk"
Richard Veffer, group treasurer at KPN, highlights the changing relationship between top companies and their banks
"The rules appear to be addressing derivatives on asset-backed securities – and really those don’t exist anymore"
An ABS origination chief sees the flaws in the SEC’s latest short-selling ban
"There is a reversion from the first half of the year. Deals that were perfectly sensible eight weeks ago – people are now looking at them and saying: ‘How the fuck did we manage to lever it up that much?’"
A private equity sponsor is amazed at how quickly the markets have deteriorated