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→The South African credit-linked note and the misunderstood sw-æp
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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 was two 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 week’s work done, I was putting my blazer on and groping for my brolley when 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 week’s work done, I was putting my blazer on and groping for my brolley when the phone rang. | |||
I turned on my heels and regarded it resentfully. Should I answer? | I turned on my heels and regarded it resentfully. Should I answer? | ||
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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 complications that arise when one transports goods 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 complications that arise when one transports goods by sea. | ||
My supervising partner in those days 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 prurient glee that I trotted around and dropped the comments — which were as compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a | My supervising partner in those days 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 prurient glee that I trotted around and dropped the comments — which were as compendious as they were ill-informed — on his desk, the way an obstreperous child might drop a lit match into a canister of petrol. | ||
It had the anticipated effect. Whilst the young [[JC]] was patiently explaining this unexpected setback to our client | It had the anticipated effect. Whilst the young [[JC]] was patiently explaining this unexpected setback to our client. It was represented by a callow but quick young fellow from Dublin, in his first year out from Trinity College. My supervisor stormed into the room, his face a rich shade of puce. | ||
“I have never been so outraged”, said he | “I have ''never'' been so outraged”, said he, “and I have covered his ridiculous mark-up with unspeakable obscenities! Filthy! words that start with “c” and “p”!” | ||
There was the most exquisite pause before | There was the most exquisite pause before an Irish voice on the speakerphone interjected: | ||
“[[Conditions precedent]]?” | “[[Conditions precedent]]?” | ||