MTN Leak

It's long been the case that the only thing happening in MTNs has been happening in Asia. Now, though, the only thing happening in MTNs is happening in Beijing. At least watching the Olympics is giving dealers something to talk about between the occasional trade.

In the quiet summer, holiday-filled months, when credit-crisis-chastened bankers lie low and hope for business to resume in the autumn, there is only one man who can be relied upon to entertain us with his antics.

As Leak enjoyed a rare half-pint of weak lager on Tuesday evening, who should wander in to the Anglers’ Rest but a bevy of the MTN market’s finest dealers, ready to relax and unwind after another long day of not very much at all.

This week Leak had the privilege of attending Daiwa’s annual press party at Sweetings, the historic fish-and-chip shop near St Paul’s in the City. We’re happy to report that it was a rollicking good time — particularly for some of the bankers in attendance.

Leak Media Release: London, July 18, 2008 — Leak Table announced today its annual summer reading list featuring works for its global readers.

While the future of DresComm — the hoped-for powerhouse of middling, second-tier, regional niche banking in Germany — is still being decided, at least one union involving a small part of the potential organisation has borne fruit.

Leak has never been much of a one for tennis — tall, tanned and muscled Europeans trading points back and forth sounds too much like the way that puttable FRNs are getting priced. An incredibly boring process that can go on all day and yet nobody is satisfied at the end of it.

Ah, what’s not to like about the lazy days of summer? The smell of fresh cut grass. The excitement of Wimbledon, Lords and Ascot. Strawberries and cream tasted in the cool shade of a hospitality tent. Huge losses on CMS spread steepener hedging.

Leak was disappointed not to have been able to make it to SNS Bank’s MTN event last week, but it’s been a tough few weeks. Readers will surely appreciate it when they see the MTN supplement out this week.

With his close friend Mr Mulliner, Leak could be found this weak propping up the bar at the Anglers’ Rest, giving careful consideration to the invitation he had, that moment, received. It was from Bas Snijders and his treasury team at Leaseplan and proposed a day of golf or spa-ing for MTN dealers at Carton House near Dublin in July.

Leak never likes admitting being behind the curve when it comes to market-moving events, but this week we found ourselves quite baffled listening to the talk of the market.

Once upon a time, a young, starry-eyed man whistling a Bob Dylan tune, attended an interview at the offices of FBA — the Icelandic Investment Bank — in Reykjavik, and was given a job on the short term funding desk of this backwater financial institution.