The statement, when it came yesterday afternoon, was short and to the point. In a 66-word missive, issued through an external public relations firm, Davy said it was shutting its bond desk and making four redundancies. The statement noted recent developments including the Central Bank’s investigation into the Anglo bonds scandal (a “2014 bond transaction”, according to Davy) and the NTMA’s decision to drop Davy as a primary broker. Behind the scenes, however, Davy was busy trying to dampen a gathering storm. The decision to shut down the bond desk was not just as a result of the NTMA’s move,…

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