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Off the Record

"Fees are way up... I mean, risk is being more appropriately priced"
The head of equity syndicate at a US investment bank suddenly remembers the impact of media training on descriptions of deal fees

"Are you trying to buy me? I thought I was trying to buy you!"
A CDO manager reveals that there is only one trade in CDO-land at the moment

"We’re all public sector bankers now, just not public sector employees"
A DCM banker’s sober assessment of his market now that government-guaranteed bank debt has been introduced...

"It’s actually liquid! It can actually trade!"
...while another is taking away the positives

"All these private equity firms say they’ve got a lot of money in the bank, that they have 12-month lock-up periods, etc. The problem is that they’ve already been sent their [redemption] letters!"
A syndicate official suggests that there might be trouble ahead for financial sponsors

"Have you seen the share price this morning?"
"No. Why?"
"Looks like we’re bust again!"

Two Royal Bank of Scotland bankers are overheard in a lift at the Bishopsgate HQ on the week of the latest share offering

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