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===The South African credit-linked note and the misunderstood [[sw-æp]]=== | ===The South African credit-linked note and the misunderstood [[sw-æp]]=== | ||
It reminds me of a story from the [[ | It reminds me of a story from the [[Jolly Contrarian]]’s youth. | ||
The phone rang. | It was decades ago, a mild Friday evening in the infancy of the [[credit derivative|credit derivatives]] market. It was all to do with a secured [[note]], [[credit-linked note|credit-linked]] to the republic of South Africa. I had drafted it — elegantly, if I do say so myself — and faxed if off, as one did in those days, to our client, a giant investment bank, and the prospective purchaser. The day’s work done, I was putting my jacket on to leave for the weekend when the phone rang. | ||
Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm<ref>Not famous. It was and, as far as I know, still is, a shipping and marine insurance specialist.</ref> Stephenson Harwood. He announced himself as | I turned on my heels and regarded it resentfully. Should I answer? | ||
Valour got the better part of discretion, and I did. It turned out to be a partner from that famous derivatives firm<ref>Not famous. It was and, as far as I know, still is, a shipping and marine insurance specialist.</ref> Stephenson Harwood. He announced himself as the prospective client’s solicitor, and told me he had some comments on the [[swap]]. Only he pronounced it “[[sw-æp]]”, to rhyme with “crap”, and not “[[sw-ŏp]]”, to rhyme with chop — something that after [[Noel Edmunds]], you would think no self-respecting British child would ever do, let alone a [[derivatives]] whizz. | |||
In any case this chap sent in his mark-up of the, er, [[sw-æp]], and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the issues arising when one ships things by sea. | In any case this chap sent in his mark-up of the, er, [[sw-æp]], and he had rather gone to town on it, in a manner indicating only a passing acquaintance with the derivatives market, but great expertise in the issues arising when one ships things by sea. | ||
My supervising partner was an excitable fellow<ref>''Highly'' excitable. To keep a lid on his blood pressure, he retired shortly thereafter and now runs a newsagent in Gillingham.</ref>. I confess it was with a guilty glee that I trotted around and dropped the comments — they were compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a match into a canister of petrol. It had the anticipated effect. Whilst the young [[JC]] was patiently explaining this setback to our client, | My supervising partner was an excitable fellow<ref>''Highly'' excitable. To keep a lid on his blood pressure, he retired shortly thereafter and now runs a newsagent in Gillingham.</ref>. I confess it was with a guilty glee that I trotted around and dropped the comments — they were compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a match into a canister of petrol. It had the anticipated effect. Whilst the young [[JC]] was patiently explaining this setback to our client, represented by a callow but quick young fellow from Dublin in his first year out from Trinity College. | ||
“I have never been so outraged”, said my supervisor, his face a deep puce. “I have covered his draft with unprintable words! Obscenities! Words starting with “c” and “p” ...!” | “I have never been so outraged”, said my supervisor, his face a deep puce. “I have covered his draft with unprintable words! Obscenities! Words starting with “c” and “p” ...!” | ||
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