I am watching an almost exact deal take place right now for an...

I am watching an almost exact deal take place right now for an almost similar amount and there is no way we would let one bank decide on how to split the financing (i.e. we will take it all and then farm out what we don't want to take). You have no competitive tension that way.

It could be a wording thing from MYG, i.e. we are running a process and multiple banks have bid for some of the debt and we are currently working though the split of this and what each is willing to carry as part of a Syndication.

Since CS originally got into the deal the changes have occurred (I am talking internally for them) and like all banks they readjust their exposure to particular markets as they see fit.

It could totally come down to limits on what CS are allowed to continue to lend and this could be their own hold up.

All I was questioning was why so many banks at such small amounts are needed. The better process would have been to go out to market and get some indicative term sheets. Run a process where you work out who is genuinely interested in providing funding and then work with multiple lenders before narrowing it down to a "few" that can lend all the funds you need.

To be trying to bring people into the middle of this just seems ill managed.

I am not saying MYG are doing a bad deal or anything like that. Im not trying to imply there must be something fishy with the project - I am only curious about why CSFB are doing what they are doing.