Banks appointed to handle high-profile government privatisations not only have to get the pricing right, but navigate their way through the maze of the often irreconcilable interests of politicians, political organisations, unions and investors. The route is usually regarded as much more precarious than that laid out for a corporate mandate.

This more difficult road is being taken by UBS, Goldman Sachs, Bank of America Merrill Lynch and Barclays on the potential £3bn initial public offering of Royal Mail.