About 10 years ago I was living in Singapore, and working in the aerospace sector. At that time getting good deals were difficult, these were the days when Thai Airways finance a bunch of Boeing B747 with loans priced at 12.5 bps (e.g. 0.12%) over LIBOR (the best rate banks lend to each other), it marked a low point in loan prices, it made my life a misery trying to find interesting deals. One evening while in Tokyo with friends I met the head of one of Japan's premier aerospace banks, these guys were one of the biggest players in the business, they were drowning their sorrows because they could no longer bid on new business, they had effectively been shut down to new business until the new financial year (1998). They bemoaned their poor luck (no new business meant very small bonus), as their bosses even asked them (desperately) to reduce balance sheet usage -- get rid of loans at least until the turn of the year! Intrigued I called them up the next day (Japanese despite mind nu...
Life of a Norfolk farmer