Some clients are just pure BS
As bankers we have all dealt with difficult clients, but some seem to enjoy taking this to a whole new level.
A former colleague was recounting to me, over our usual tipple at the Captain’s Bar, about one client who was looking to raise money using a funky transaction.
That instrument might have sold well if times were good. But since China was at the centre of the now infamous summer rout and devalued the renminbi unexpectedly, markets just haven’t been the same.
This client, of course, has his head buried in the sand and since mandating banks for his billion-plus deal a few months ago has insisted on daily market updates from everyone on the trade.
If that wasn’t bad enough, the terms he wants are way out of line with what investors are willing to accept.
We’ve all been there so there’s no point trying to fathom what the client is thinking. Normally it’s a case of someone who has never before been told no and doesn’t want to start now.
So frustrated was my friend that he and his team dubbed the client “Project Britney Spears” or Project BS for short. I don’t need to point out the obvious reference.
My advice to him was to simply grin and bear it. After all, if the client runs his business the way he tries to run his fundraising, no doubt my friend will soon be able to work on the restructuring.