Investment banker Ariel Sigal, who covers the Republic of Argentina for Deutsche Bank, was about to board a plane to take him from Buenos Aires to São Paulo when his mobile phone rang. Making the call was Federico Molina, head of public credit for the Argentine government and the most senior civil servant in the country's famously astute debt raising team.
"Where are you going?" demands Molina, whose tough, no-nonsense style is the stuff of legend in emerging-market underwriting. Bankers recount hour-long conference calls with Molina when his only words were: "Yes, no... uhuh". Face-to-face presentations of their latest structures often end with Molina declaring, "OK, we'll see", then leaving the room with his staff following behind.
But on this occasion Sigal found Molina a bit more effusive. Something was clearly up. "São Paulo," replied Sigal, feeling like a naughty schoolboy caught skiving off early by the head teacher.
"No you're not," says Molina. "You're either staying here [in Buenos Aires] or going to New York." That was Molina's way of informing Sigal that Deutsche's latest pitch had been accepted. The deal was on.
The next half an hour was spent on the phone discussing tactics while over the tannoy Sigal was being summoned for a flight he no longer intended to catch yet was preventing from leaving.