Three sources in. One page out. Not copying: arbitrating.
Where we come from, and where we go today.
You left with
Each session gives Claude one more thing. Today, the two last ones.
Context, method, rules. Then a page to type into. Same deck, same folder, same Claude.
The page the desk sends after every deal. Not one source: a document that says what we wanted, one that says what we got, and a banker who knows what it cost.
Not how long the page takes. Where each figure on it comes from. Three places, in this order.
1 · the Term Sheet
What we hoped
The rating, Ba1 / BB+. Only there: the press release does not mention it. The marketing ranges. The denomination, the calls, the put.
launch day, before pricing
2 · the press release
What we got
The reference price, €37.2696. In the Term Sheet, at that place, there is a black dot: the value did not exist yet. The coupon. The conversion price.
launch day, after pricing
3 · the desk
What it cost
The three gauges at the bottom: implied vol, bond floor, delta. Nowhere on paper. In the head of the desk. Nobody outside can know them.
the banker, at eight p.m.
What we hoped, what we got, what it cost. Automating this is not copying. It is arbitrating.
Each one fails where the next one succeeds. The climb is the lesson, not the last result.
We start by failing. On purpose.
One sentence, two PDFs, and something honourable comes out. Then we look at the coupon line.
Project Octans - Launch Term Sheet.pdf6 May 2026, before pricing. The ranges. The rating. A black dot where the price will be.Rexel - CB Pricing PR (EN).pdf6 May 2026, after pricing. The coupon, the reference price, the conversion price, the dilution.Read the Term Sheet and the press release in this folder, and make me the one-pager for this deal.
Claude opens both files. Something honourable comes out: a title, a context, key terms, a timeline. Then we go and look at the coupon line.
Coupon: 1.25% – 1.75%
A range. The launch range, from the Term Sheet. Copied, as if it were the result.
The prompt took the range for the result.
“expected to pay a fixed coupon at a rate of 1.00% per annum”
Below the bottom of the range. That is exactly what the desk is proud of on this deal. It is the title of the page.
The performance, erased.
Not a cosmetic detail. 1.00% under a range that starts at 1.25% is the headline. The prompt erased it.
Both documents were there. Both figures were right. 1.25% to 1.75% is in the Term Sheet. 1.00% is in the press release. Claude read both.
What was missing is a rule. Nobody told it which document wins. A launch Term Sheet says what we hope. A pricing release says what we got.
You all know this. You never wrote it anywhere. It is implicit desk knowledge.
What is written nowhere cannot be automated.
EQL_Deal/connected to CoworkProject Octans - Launch Term Sheet.pdfthe code name, in the file name onlyRexel - CB Pricing PR (EN).pdf“Octans” appears nowhere inside the two documents. Only in the name of one file. The deal is called Rexel everywhere on paper.
A naive prompt can put it on the page. A code name from before launch, on a document that goes outside.
Prompt 02 asks Claude where the word appears. The answer is: in the file name, and nowhere else.
A second slip of the same kind. Not a reading error. A missing rule.
Not a longer prompt: the rules of the desk, written once. A questionnaire, one precedence rule, the calculations, the gauges.
Read both PDFs, and make the one-pager. The press release wins on the coupon. Also on the price. And do not use the code name. And the vol is 34.4. And…
Rewritten at every deal. A little differently every time. One line forgotten, one figure wrong.
The rules of the desk. Written once. Read by Claude at every deal, before it asks a single question.
one-pager-eql a skill, like last week.
We give Claude what it was missing: the rules. Not a longer prompt. A skill.
one-pager-eql## The questionnaire 17 questions, in the desk’s order 1. Issuer 2. Instrument 3. Size 4. Launch and settlement dates 5. Wall-cross, days … 8. Book size … 14. Implied vol … 17. Confirm
## Precedence For every final term, the pricing press release prevails over the launch Term Sheet. The desk prevails over both.
## Deduced, never asked
oversubscription = book / size HF = 100 - LO
RoW = 100 - FR - US - UK sounding = launch - wall-cross days
## Gauges five positions, not three below the range · on the low bound · inside · on the high bound · above the range. Below and above get a star and a footnote.
Plain language. A document. A banker wrote it, with Claude for the form.
In the desk’s order. The documents answer the first four, the desk types the next twelve, and the seventeenth is a yes.
And question 17: confirm, then build. We wrote down what a banker on the desk already knows.
One sentence. It is worth the bug we saw ten minutes ago. Written once, it never gets it wrong again.
Two more, of the same kind. The desk prevails over both documents for the book and the desk parameters. A code name in a file name never appears on the page.
The banker gives the book and the size. Not the oversubscription: that is a division.
27% long-only. Not the 73% of hedge funds: that is a subtraction.
France, US, UK. Not the rest of the world: that is what is left.
The sounding date is in no document. Launch date, minus the wall-cross days. One answer, one subtraction.
## Deduced, never asked oversubscription = book / size = 4,000 / 400 = 10.0x HF share = 100 - LO share = 100 - 27 = 73% rest of world = 100 - FR - US - UK = 100 - 14 - 35 - 51 = 0% sounding date = launch - wall-cross days = 6 May - 1 = 5 May A deduced figure is never a question. A question the desk cannot answer is never estimated.
Everything that can be deduced is written as a calculation. Not as one more question.
A gauge that shows a position inside a range breaks on exactly the two cases the desk is proud of.
/one-pager-eql The Rexel OCEANE of May 2026. The Term Sheet and the pricing press release are in this folder. Ask me what only the desk knows, then build the one-pager.
It reads the documents first: questions 1 to 4. Then it asks 5 to 16, what only the desk knows: prompt 04 is the desk’s answers.
The PowerPoint comes out. Open it next to the reference page. Same colours, same grid, same gauges. And the same figures.
One_Pager_EQL_Rexel_May2026.pptx
The PowerPoint
You redo it at every deal. It is the output of one afternoon. Next deal, a new one.
a result
one-pager-eql
The skill
You write it once. The questionnaire, the precedence rule, the calculations, the gauges, the layout. Every deal reads it.
the deliverable
The day you move to a rights issue or an ABB, you do not start over. You change the questionnaire and the extraction rules. The mechanics stay.
The skill works, and asks seventeen questions in a chat. So we give the banker a page instead: block one already filled, a rail that computes, checks that block.
“What is the book size?” “How many lines?” “How many investors sounded?” “What share of long-only?” “France, US, UK?” “The implied vol range?” “Where did it price?” …
Seventeen questions, one at a time. A banker who just closed a book at eight p.m. does not answer seventeen questions.
Questions 1 to 4 already filled, from the documents. 5 to 16 to type, in the desk’s order. The deduced figures computed as you type. The mistakes caught before you send.
Two minutes. Then one button: question 17.
The skill works. So we industrialise the input.
A page Claude builds, that runs in your browser. Not an answer.
a pageIt has fieldsA form, a calculator, a dashboard, a checklist. Claude writes it once, from a description. You open it like any page.built from a promptliveIt computesWhat you type is recomputed as you type. No round trip to Claude for a division.in your browserchecksIt refusesA share above 100%, a total that does not add up: the field turns red, the button stays off.before anything leaveslimitIt does not generateIt runs where you are. The skill and the PowerPoint engine run on Claude’s side. The page hands over; it does not build.the honest limitA skill is what Claude reads. An artifact is what you use. Chat asks; a page shows.
Claude read the documents before asking a single question. The banker types only what only the desk knows.
Change the book from 4 to 5 billion. 10x becomes 12.5x, instantly. Nobody divided anything.
Put France at 60%. Rest of world goes negative, in red, and the button switches off. The error is caught here, not three steps later in a wrong chart.
The button confirms. And nothing else happens.
No PowerPoint appears. No file lands in the folder. The instruction and the input are on the clipboard. That is all the page does.
Not an oversight. This page runs in your browser. The generator runs elsewhere, on Claude’s side, with the skill.
A Generate button would mean a second engine. The whole layout, rewritten in the page. Two engines for one deliverable. They diverge at the first adjustment.
So the page transmits, and Claude generates. One round trip instead of zero.
The honest limit of the artifact. Know where the tool stops.
the pageThe banker fills it inQuestions 1 to 4 read, 5 to 16 typed. The rail computes, the checks pass. Two minutes.Send to ClaudeOne click, one pasteQuestion 17: the yes. The instruction and the input go to the clipboard, then into Claude.one-pager-eqlClaude applies the rulesThe documents for block one. The input for the rest. Precedence, calculations, gauges.One_Pager_EQL_….pptxThe page comes outSaved next to the previous one, never over it. Opened, checked, sent.Prompt 06 is what the button copies. Paste it, let Claude generate, open the file. End of the demo.
The same idea, smaller. Five figures in, three out. A calculator that checks the press release.
Conversion price = reference price × (1 + premium). 37.2696 × 1.35 = 50.3140. The release says 50.3140.
Dilution = shares to create ÷ shares outstanding. About 2.68%. The release says 2.68%.
Built in one prompt. Kept in a tab. Used at every deal.
37.269635400100,000296.62.68%€50.31407.95m1,987.52An artifact is not only a form. A check, a calculator, a dashboard: anything you use, not read.
The document you redo after every deal, always the same, always from the same sources. The same three steps, on your desk.
The prompt could not arbitrate. The skill could, because the rules were written. The artifact made the input usable every day.
After every operation. Always the same. Always from the same sources. That one is your one-pager.
For each: list the questions, write which source wins, write the calculations. The PowerPoint is the easy part.
sourcesYou found three sourcesWhat we hoped, what we got, what it cost. One page, and not one of them alone.the one-pagerprecedenceYou wrote one sentenceThe press release prevails over the Term Sheet. The bug of the prompt, fixed once, for every deal.the ruleskillYou kept the rules, not the pageSeventeen questions, four calculations, five positions. The PowerPoint is the output; the skill is the deliverable.the skillartifactYou gave the banker a pageBlock one filled, a rail that computes, a check that blocks. And one honest round trip.the artifactWhat you built today is not a one-pager. It is the rules that produce it, and the page that feeds it.
Homework
You take away
The point is that you write one precedence rule for your own desk.
Thank you.
Rotate your device to present.