Euromoney asks the head of investment banking at a large firm if he fears that the true extent of the economic damage from the coronavirus will only appear when the vaccines roll out and governments rein in emergency support.
He is not, it turns out, a worrier.
Rather, he expects the boom conditions that helped his business pull in record revenues in 2020 to roll over into 2021, albeit with some differences.
“Remember that, after the devastation of the Spanish flu we had the roaring 20s,” he says, later asking not to have this quote attributed to him.
He thinks M&A will be up at least 15% and maybe more in the 12 months ahead as Covid winners consolidate their industries and laggards restructure.
“Boardroom and management confidence is back,” he says.
Some of those M&A deals will be accompanied by equity raising; many of them by debt.
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