Syndicate Closing-Day Failure — severe-but-plausible scenario — ITOL

Vector: Third-Party & Concentration · Severity: severe

Ransomware takes the bank's syndicate and deal-management platform down on the morning a $750M debt offering closes. The issuer priced against commercial paper maturing tomorrow, and the closing must now be worked by phone: member collections, DvP delivery through DTC, and the proceeds wire — all manual, all today.