From syndicate desk to book deal - without riding Goldman's elevator

摘要

John Lefevre dialled in early to a conference call from his desk high up in Citibank Tower in central Hong Kong. He recorded his name as "UBS", put the line on mute, and then dialled in again from another line, this time correctly identifying himself as a Citigroup employee. It was an important call, a discussion on the right price for a rare offering of US dollar bonds from China Development Bank, the state-owned Chinese policy bank. A large group of bankers, both from Citigroup and the other managers, were on the line, along with CDB's top financial officials, the people who would ultimately be paying the banks to arrange the deal. In the middle of the call, just as a senior CDB executive was outlining his case for a better price on the deal, Lefevre switched back to the first line and hung up. The automated voice cut in: "Now leaving the call: UBS."