Missed opportunities north of the border
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Missed opportunities north of the border

Blog thought most bankers working in the sovereign debt market would have been rejoicing as the No votes piled up when the results from the Scottish independence came in the wee small hours of Friday morning. After all, trying to explain the new constitutional setup of Scotland and the rest of the UK to overseas investors would be pretty difficult, especially considering none of the politicians seemed to know what it was supposed to look like either. Not to mention trying to work out which entity exactly would be on the hook for different parts of the UK’s debt pile.

But, not for the first time in our history, it turned out we had greatly misread the desire of the market.

“It’s a shame — would have been great to have a new client and one that would have likely been keen to go golfing,” mused one SSA banker.

Warming to the argument, we pointed out that as whisky is Scotland’s second largest export, any client meetings with a sovereign Scottish debt office would surely take in a distillery tour at some point.

“If only I’d had a vote,” the banker said, presumably while hastily adding his name to the online petition demanding a referendum recount.

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