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Off the Record

“OK, if there were a big credit event, and if it coincided with one of the dealers going down, there would be a problem. How many ‘ifs’ do they want?”

A senior banker at one of the top four global counterparties responds to Fitch’s suggestions that concentration and settlement risk still threaten the credit derivatives industry

“He’s apparently moving out of the origination business but staying in financial services.”

A BNP Paribas insider on the departure of former corporate DCM head Brian Lazell

“So he’s going to Bank of America?”

The pithy reply of one of his former competitors

“I’ve been approached by every major bank saying company ABC has been doing CMS deals, so we should as well. But we didn’t see any value in these instruments.”

One treasurer of a major European financial institution explains, with some relief, why he didn’t issue a CMS tier 1 perpetual issue

“Please could you clarify which types of deal the high grade/SSA category for deals of the year would cover. Would high yield transactions fall under this category?”

An investment bank PR person (name withheld) pitches for Euromoney’s “Stupid question of the year” award

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