David Bonsall, Securitisation Expert

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8-8.30am Arrive duly crushed by the underground and the crowds crossing north over London Bridge when I am going south.

8.30-9am Look at the 20 or so e-mails which have descended overnight. Respond to the easy ones and save the tough ones for later.

9-10am Speak to Asia on deals, issues and problems developing overnight. Discuss the latest aspects on our Japanese consumer loan transaction and review liquidity and credit risk implications of pool data just received as well as how we feel the rating agencies will react. Agree that further due diligence is required to drill down more into the customer profiles. Discuss progress on the ongoing pitches to clients in Hong Kong and Singapore and consider likely reactions to what the Hong Kong Mortgage Corporation is proposing and views expressed in the special committee set up by the Singapore Monetary Authority on securitisation. Call Australia to congratulate the team on signing up their latest deal and confirm with them that the funding mechanics are still going ahead smoothly as agreed.

10am-1.30pm Liaise with group members on deals, issues and problems in Europe including client meetings/presentations and internal meetings/presentations. For example, on credit related issues or strategic or regulatory aspects. Have quick discussion with CIBC's head of Europe on strategic and practical implications of a Swiss mandate we are trying to win - new sector and country for CIBC but one we are very familiar with from past experience. Try and find the regional head of credit to get his views - he will call me back later. Short briefing meeting prior to a UK client presentation - confirm that we have gathered the extra data we agreed last week to discuss and agree the approach we feel is in the client's best interests. Resume a discussion left over from the previous day on how to deal with latest legal twist in a deal we are doing in Scandinavia. Ingenuity without undue risk is the order of the day. Overnight research seems to be promising. Agree on a time to have a call with the rating agencies on an extension to an existing transaction. Do not foresee problems as the deal has been going well. Start a sandwich brought to me by my long-suffering secretary.

1.30-2.30pm Speak to New York to update on international deals/developments including discussion and guidance on anticipated problems. Get latest news on what seem to be the hot spots in the US and what effect, if any, they will have on us. Discuss the policy we should adopt in case our preferred solution for the Scandinavian deal does not work out. Review my next overseas trip and agree on what are the priorities with local management and client opportunities as well as the implications if we are as successful as we hope. Finish the sandwich or throw it away.

2.30-3pm Deal with outstanding messages. Send e-mails to Toronto on credit risk management re potential transactions and seek their views on the Swiss mandate. Suggest the sort of data we intend to provide and the structural strengths. Set out timetable for the deal and the credit process and the various actions we are going to take in the next few weeks

3-6pm Make presentation to UK client with colleagues. It seems to go very well. No one else appears to be demonstrating the same approach or analysis so we are hopeful. Review progress during the day on other transactions, return client phone calls. Catch up on outcome of other meetings. Looks like a fairly positive day so far. Address various internal issues including senior management (regional credit seems comfortable with our approach so far), human resources, administrative issues (space planning, sign internal authorisations for expenses, etc). Agree itinerary with my secretary for next overseas trip. Only two major changes required since we last looked at it.

6-6.30pm Check on conduit issuance and pricing levels for the day - especially comparing with previous recent issuance and trends. Agree/review strategy for next few days.

6.30-7.15pm Begin reading latest drafts of presentations, for example, to clients, internal credit applications, market data.

7.15-7.55 Start to get ready to go home but have four conversations on different topics before I call a halt. Taxi home in comparative calm but increasing dismay as the price and the traffic move in an inverse relationship.

7.55-9.45pm Spend &quotquality&quot time with family depending on how their days have gone.

9.45-11.15pm Carry on reading material required for the next day or two or just to keep up to date. Sometimes take or make calls to/from Australia and US if issues have not been fully resolved during the day. 12am Collapse in a heap ready for tomorrow!

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