There must have been a few hushed silences and maybe sighs of relief when the MTN dealer community heard the market's most aggressive borrower was set to hang up her spurs.
Last month, the IFC's one-woman MTN engine, Minati Misra, announced she was to leave the IFC and join a hedge fund. After over seven years at the IFC she fancied a new challenge. There were several options on the table, including the job as treasurer of an investment bank.
However, Misra - who is famous for her frank rapport with her dealers - opted to join Banco Santander New World Investments. She will run relative-value fixed-income products for emerging markets. It is an unusual move for an issuer to become an investor. Then again, Misra has never been your conventional issuer.
She is known for her rigorous workload - she averages four hours sleep a night and has a Bloomberg terminal in her Washington home. Her new boss warned her to expect up to 18-hour days. "I said no problem," she laughs.
She intends to spend much of her time in Asia, where she believes there's a lot of value to be had - especially in local-currency paper.