Quotes of the month
"You cannot call that many people on the streets for just one park"
Ali Babacan, Turkey’s deputy prime minister, recognizes the wider forces at play in the country’s recent protests
"Every investor that bought this deal would have bought it at a more expensive level"
Ben Edwards, portfolio manager at BlackRock, which liked the price of the Verizon $49 billion bond deal so much it bought $5 billion (see Too big to price?)
"We were overwhelmed by how positive investors felt because while we do think Spain will recover, we think this recovery will be slow. When we asked investors why they were so positive, they told us that they felt they simply couldn’t afford to miss out"
Alberto Coll, deputy CFO of Banco Sabadell, was taken aback by investors’ response to the bank’s $1.4 billion rights issue
"If this pattern stays in place over the medium term, the financial plumbing will likely get rusty and might not function properly when the Fed is ready to withdraw"
Manmohan Singh, senior economist at the IMF, is worried there might be too much regulation of shadow banking in the pipeline
(see Regulating the shadows)
"I even got a call from our head of communications asking what the hell was happening. She couldn’t actually believe that we were getting so much positive press"
Kampeta Sayinzoga, permanent secretary at Rwanda’s ministry of finance, recalls the overwhelming response of investors to the country’s debut Eurobond