Hiben, Tokyo.

Rent a small meeting room inside the hotel.

Ji Cheng looked at the representatives sent by a large Japanese bank, led by Mitsubishi Financial Group, followed by Sumitomo Bank, Sakura Bank, Dai-ichi Quanye Bank, Fuji Bank, Industrial Bank, UFJ Holdings and other representatives, and he kept recalling the content of the speech that had been prepared long ago.

It is difficult to gather people from these banks with his own influence in Japan, but Ji Cheng has had friendly cooperation with Mitsubishi Group, plus he has a close relationship with the Panasonic family, and with the help of the Panasonic family, this can bring together these banks that are ready to cooperate with Chase Bank and Citibank.

At this moment, Matsushita Masayuki, who was sitting next to Ji Cheng's deputy to help introduce many banks, stood up and bowed to everyone, "Thank you seniors for giving my father face and being invited, let me introduce you first, he is Ji Cheng, the boss of the beautiful Guohua Gold Capital." ”

Ji Cheng didn't stand up like Matsushita Masayuki, but sat at the head of the conference table and introduced himself with a smile and simply, "Hello everyone, I'm Ji Cheng, I believe everyone has heard of my notoriety, right?" ”

"Haha."

"Jisan is so humorous."

"Naturally, we have a thunderous ear for your name."

The crowd laughed in response.

Ji Cheng may not be well-known in the ears of ordinary people, but for these people who are engaged in the financial industry, his name as the godfather of the world's finance is very loud, so loud that most of the financial elders present have to look up to him, and it is not an exaggeration to describe it as thunderous.

Except for the head of the Sumitomo Group, Shozo Horitian, who heard that Ji Cheng had something important to do, he rushed over to listen in person, and the others were basically at the vice president level, and they were all curious about how important it was for Ji Cheng to gather everyone.

In everyone's curious eyes, Ji Cheng didn't delay the time, and said straight to the point: "I heard that Chase Bank and Citibank have recently taken the lead in asking you to take long-term loans from various banks present, with as little as seven or eight billion US dollars and as many as more than one billion US dollars, right?" ”

"Yes." Horida Zhuang three jaw heads.

The others nodded their heads as well.

Due to the particularity of the syndicate loan program, a series of loan information is disclosed to the public, such as the list of participating banks such as the lead bank, manager bank, deputy manager bank, agent bank and participating bank, as well as the request for quotations, loan promotion, loan agreements, etc.

Naturally, everyone present was not surprised that Ji Cheng knew this information.

Seeing everyone's affirmative reply, Ji Cheng hummed, picked up the teacup next to him and took a sip of water, and then the moment the cup was put down and touched the table, he said in an astonishing voice: "I want you to refuse to lend to them!" ”

"Huh?"

"Want us to refuse a loan?"

Many bank vice presidents are stupid, even Horita Sozo, an old acquaintance of Ji Cheng, was almost fainted by this sentence, Chase Bank and Citibank sent business to the door, so that they can earn huge interest in the next 20 years, why do you let everyone not lend money with a word?

Matsushita Masayuki was also taken aback, thinking that Ji Cheng had said the wrong thing, so he hurriedly reminded: "Ji Sang? ”

"I know what I'm talking about." Ji Cheng waved his hand, and then looked at the group of executives of the Japanese bank in front of him calmly, "You must be curious, why did I ask you to refuse to lend to the syndicate loan program led by Chase Bank and Citibank?" ”

Akiyoshi Yokota, the future president of Sakura Bank and now the vice president, said: "Yes, I was very shocked when I heard Ji Jun's words, and I didn't understand what I meant. ”

Several others reacted in the same way, their faces full of bewilderment.

Ji Cheng said unhurriedly: "Before explaining why I asked you not to lend to them, let me ask a key question, Chase Bank and Citibank led this syndicate loan program, and did not invite any of you to join the manager bank, right?" ”

Daiichi Sugida, Vice President of Daiichi Quanye Bank: "Yes, we are all involved in the bank, what's wrong?" ”

Ji Cheng laughed, "The syndicate loan program is generally divided into the lead bank, the manager bank, the deputy manager bank, the agent bank and the participating bank, I believe everyone who is engaged in the financial industry will not be unaware, then, you should also understand one thing, that is, in the syndicate loan plan, the lead bank and the manager bank are the most important, am I not wrong?" ”

Everyone nodded slightly in response.

In syndicate loan schemes, the lead bank is the originator and leader of a syndicated loan, which organizes a syndicate of managers to negotiate, negotiate and draft the loan agreement on behalf of the other loan participants and borrowers. Of course, there is only a contractual relationship between the lead bank and the borrower, that is, it is entrusted by it to organize a loan syndicate, which does not mean that the borrower has entered into an agreement with other lending banks.

The manager bank participates in the organization and management of the loan syndicate, and its status is inferior to that of the lead bank, and it plays an auxiliary role in organizing the manager bank syndicate together with the lead bank to underwrite the loan to the borrower.

"So none of you even have a bank or financial institution that has become an associate manager or an agent bank, but only a participating bank?" Ji Cheng asked rhetorically again.

"Nope."

"Just get involved."

Everyone shook their heads and smiled, they were already aware of something out of the ordinary.

The deputy manager bank generally does not participate in the organization and management of loan syndicates and the underwriting of loans. These banks provide a larger share of the funds, or because they have close relationships with borrowers, or because they have a good reputation in the international financial markets to facilitate loan financing, etc.

However, there is one point, the deputy manager's bank's scrutiny of funds is much higher than that of the participating bank.

In addition, the correspondent bank represents all participants in the loan syndicate and the borrower during the entire loan period from the signing of the loan agreement to the full repayment of the loan principal and interest, and is responsible for the loan-related matters that occur during the loan period.

So what is the role of participating banks in syndicated loans?

As the name suggests, it is only a participant, only providing funds in the loan, and does not participate in the operation and underwriting of the syndicate, and even the review of the movement of funds can only be known through the correspondent bank.

They didn't realize the problem at first, after all, they were not involved in the loan negotiations together, but were "broken one by one" by Chase and Citibank, not knowing each other's roles until the entire syndicate loan program was almost completed.

So many well-known and internationally reputable banks have not been given the slightest right to participate in the funding?

It is precisely because of this that the vice presidents of these banks have doubts and feel that this loan is a bit strange.

"Very well, since you are all just involved in the line, then I can say the rest of the word." Ji Cheng slowly stood up, "Let me first introduce to you the object of your loan this time, what is the origin of Wei Lian, the new chairman of the board of directors of United Airlines." ”

】

"Isn't he the new chairman of United's board?" Horita Sozo was stunned for a moment.

Others were also confused by what was said.

"Yes, he's the new chairman of the board of directors of United, but he's actually a speculator!" Ji Cheng did not say that Weilian was a member of the Rockefeller family and the Citigroup consortium, and the anti-acquisition of United Airlines was also the idea of the Rockefeller family and the Citigroup consortium, because this information was collected by him from modern society, and they would not believe it if he said it to these people.

In the modern world, the Rockefeller family, alone or with other conglomerates, controls many of the airlines of the United States, Pan Am, Air Beauty, Trans World and China Eastern Airlines.

The reason why the Rockefeller family was able to gain control of United Airlines relied on the chess piece of Weilian.

"Speculators?" Matsushita Masayuki is a little incomprehensible.

"That's right, he's a speculator!" Ji Cheng said categorically, and then clapped his hands, "I have a report on United's total assets and annual revenue data here, please take a closer look and see if there are any problems." ”

As he spoke, the assistant next to him handed out the report next to him.

Everyone looked at the report after they got it.

Ji Cheng did not stop talking, "United Airlines now has total assets of about $4.5 billion, its revenue last year was $11.6 billion, and its net profit was $245 million, but now he has to rely on the mortgage of United Airlines' leveraged loan of $72.5 billion, according to the international practice of syndicate about 6 percent of the annual interest rate, $725 billion needs to pay $435 million a year, excuse me, a company's annual profit is not enough to repay the loan interest, let alone the loan principal, if an accident occurs, How do you get your money back? ”

"Hehe, we naturally took this into account." "Chase and Citibank promised when they came to lobby that they would raise funds for United's issuance of corporate bonds, which would be used to repay the interest. ”

It's true that United's current capacity is simply not enough to pay interest, but issuing junk bonds is different, not only can it quickly raise a certain percentage of the money to pay off the interest on the syndicate, but it can also allow United to ease its capital.

In fact, at United's current revenue growth rate, once the reverse takeover is completed, there is only a five-year buffer to repay the interest on this huge loan.

Because the principal of this kind of syndicated loan is generally repaid last, so they have never thought about whether to return the principal, which is very simple, the liabilities in the general acquisition are mainly repaid by the acquirer's own funds or other assets, while the liabilities caused by the leveraged buyout mainly rely on the future internal operating efficiency of the acquired enterprise, combined with the selective sale of some original assets to repay, and the investor's funds only account for a small part of it, usually 10% to 30%.

That is, as long as Weilian can get the interest, it is impossible to repay the principal.

So everyone is very relieved.

"Hehe, what if I tell you that the garbage bond market is about to collapse?" Ji Cheng smiled incomprehensibly, "If the junk bond market collapses, have Chase and Citibank promised other financing plans to repay interest?" ”

"The junk bond market is about to collapse?" Yokota Akiyoshi said in disbelief: "How is it possible? Didn't you get Milken to raise billions of dollars with junk bonds? ”

"Yes."

"Junk bonds have been around for so many years, how can they collapse?"

Everyone looked skeptical.

Ji Cheng had expected such a situation before, and he unhurriedly took out another data report, "I have a series of information here about the default of the garbage bonds of the beautiful country this year, you can take a look." ”

He asked his assistant to hand the data report to the crowd while continuing, "Why did I say that the garbage bond market in the beautiful country is about to collapse? There are two important signals. ”

The crowd listened intently as they watched the data report.

Ji Cheng slowly walked to the side of Wotian Zhuangsan, "The first signal is that Milken, the father of junk bonds, was prosecuted as early as March and April this year, and the indictment included ninety-eight counts of securities fraud, and the most serious problem was stock positions, helping clients evade taxes, hiding accounting records, etc., but it did not contain any insider trading, stock price manipulation, etc., do you see any problems?" ”

"Someone is going to him!" Sozo Horida was the first to react.

"That's right, someone him." Ji Cheng bowed slightly, and continued: "So have you ever thought about it, who did it do him, and why did you kill him?" ”

You don't have to think about this problem, it's very simple, the vast majority of junk bonds are issued for leveraged buyouts, and leveraged buyouts are small and big, and often stage snake swallowing whale acquisitions, for example, I am a hundred yuan, but you can use junk bonds to buy things for 10,000 yuan, if this thing is well managed, the value may become 20,000 yuan in the future, but if it is not well managed, how to repay the huge debt? Directly declare bankruptcy protection.

This has provided many small capitalists with a good opportunity to strengthen themselves, and at the same time, it has also harmed the interests of the governments of beautiful countries and major consortia.

Then it's basically clear who wants to engage Milken.

That's right, it's the group of elders who really control the lifeblood of the beautiful country!

On the surface, these elders want to kill Milken, but in fact they want to kill the junk bond market, so that those small capitalists will not have the opportunity to harm their own interests.

Such a powerful force gathered together, let alone Milken, even ten Milkens together could not resist the offensive, so it can be seen from this that the junk bond is in danger and in danger.

Ji Cheng took a few steps forward, "You are silent, you should think of who and why you are doing Milken, I won't elaborate too much." After a pause, "Then let's talk about the reason why the second junk bond market must have collapsed, please see the report in hand." ”

Everyone looked down again.

Ji Cheng has long been familiar with these data, and directly reported the data in the report, "According to statistics, since the outbreak of the global stock market crash in 1987, the quality of bonds has become worse and worse under the market downturn, and the default of the issuing company has become more and more severe. In 1988, Gampio bought the Federal Department Store with junk bonds, which was supposed to create a retail empire, but he defaulted, and the company made an abnormal return of two percentage points in the stock price in two or three days, and because of this, the basis of the garbage bonds went from 500 basis points to 700 basis points, you know what that means? ”

Of course, everyone knows what it means, and it is not surprising that just like Ji Cheng just said, the junk bond market is probably about to collapse.

"The junk bond market is now like a barrel of gunpowder, and every new junk bond is thrown into the barrel." Ji Cheng had already walked to the other end of the conference table, he suddenly stopped, and then looked at everyone meaningfully, "The gunpowder has accumulated to a certain point, you say that if someone throws a handful of fire into it at this time, what will happen to the powder keg?" ”

Sozo Horida was about to speak.

Suddenly, Ji Cheng slapped the table and made a "Peng" sound in his mouth, "It will be detonated!" ”

Oh, yes.

It's going to be detonated.

Everyone listened to it with a heavy heart, they all knew that everything Ji Cheng said and the data provided were true, then, according to this analysis, I am afraid that it is too late for the junk bond to be detonated, and what is missing is just a fire.

Unfortunately, they don't know that the fire that ignited the collapse of the junk bond market was none other than their stupid banks.

According to the information gathered by Ji Cheng from modern society, as long as these days Ben Bank refuses to lend to the syndicate loan program led by Citibank and Chase, then the junk bond market will be completely detonated and crash all the way!

Seeing that everyone was silent, Ji Cheng slowly walked towards his original seat, "So, in such a situation, do you think that the issuance of junk bonds by Chase Bank and Citibank can raise funds for Weilian to repay the huge interest?" ”

"I can't." Sozo Horita shook his head with a wry smile.

Sugida Riyuki also showed a solemn look, "I said that we are stupid and stupid so many excellent banks, why can't we become the manager bank in the syndicate loan program led by Chase Bank and Citibank this time, it turns out that they also see the problem, for fear that we will find out that we are not willing to contribute to the loan, so we only let them participate." ”

Ji Cheng took the opportunity to sit down on the chair, picked up the teacup and took a sip, "So I'm kind enough to remind you that you don't need to contribute, as for whether you listen or not, it's your business." ”

Yokota Akiyoshi's eyes were blazing, "I haven't decided whether the company wants to contribute or not yet, but I want to ask Mr. Ji, you can't be so kind and come all the way to remind us, right?" You...... What is the purpose? ”

Oh, yes.

What is your purpose?

Everyone looked towards Ji Cheng.

Ji Cheng laughed, he knew that this group of people were all smart people, leaned back in his chair and said, "It's very simple, I want you to lend this money that should have been lent to Weilian to Huajin Capital!" ”

Well, well, in fact, this is just a less important part of the plan, it is best to succeed, Ji Chengcheng can take the money lent to him by the stupid people, and attack wildly when the stock market crashes in the future, which is equivalent to slashing the enemy with the enemy's sword.

Not being able to succeed is not in the way.

At most, it is less money and less money in the Japanese stock market crash.

Of course, Ji Cheng still hopes to get a huge loan from this group of Japanese banks, and he thinks with great interest, if he really gets enough money from these Japanese banks, and then uses this money to attack the Japanese stock market by taking advantage of the Japanese stock market crash, will he become the public enemy of the Japanese stupid?

Well, it will.

But what about that?

Ji Cheng has never had a good impression of Xiaori, and he even thinks that if he can become the public enemy of Xiaori, it will be the glory of being a Chinese!