The uncertainty of the US elections, Deutsche Bank’s dire situation, the unpredictable consequences of the ECB’s corporate bond buying, the looming shadow of US rate rises... the list of bad news goes on.
But before Paris, and undaunted by the gloom, the Ranger took a short walk to Nomura’s London offices to meet Patrice Maffre, head of acquisition and leveraged finance.
The interview started as an upbeat affair, with Maffre optimistic about the opportunities for growth in the European lev market.
But about 20 minutes into the conversation, a muffled thumping could be heard from the next door office. The origin of the sound could not be clearly identified but the Ranger imagined a frustrated banker repeatedly bashing their head against the wall.
Next, the Ranger headed to Paris in search of a more uplifting experience.
The Ranger and his colleagues were attending the Euromoney/GlobalCapital Corporate Finance Summit in the French capital. Some delicious cheese and stimulating debate would ease the mind, the Ranger thought.
The conference was full of enthusiastic market participants keen to get engage in lively debate. And certainly, there was plenty of interesting discussion, though the Ranger was made nervous by the location of the conference.
The summit was held in the basement of the Intercontinental Hotel which, though beautifully decorated, was just metres away from Paris’ metro system.
Every few minutes, coffee cups would jingle as a train boomed past, like the scene in Jurassic Park where the water in the cup ripples when T-Rex approaches. The clinking of glasses and jiggling of crockery spooked the Ranger.
There were other tremors. A truly fearful tone was struck in one of the last panels of the day, where five investors sat down to discuss their outlook on the market. Two investors started by declaring their belief that there would be a Trump presidency in the US, with one finding a buying opportunity in the outcome.
“Buy US weapon stocks,” proclaimed the investor. “Trump is coming.”
‘Crikey’, thought the Ranger, this was all too much, ‘can’t we all just calm down and have another macaroon?’
