Quotes of the month

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April 2018

“Volatility is not M&A’s friend. Following a correction, sellers can’t help remembering the higher valuation they might have received a month ago” 

Alex Stern, chief executive of financial advisory at Lazard, warns that recent equity market falls may hurt the M&A business



“We have not been used to this kind of question for the past 10 years”

Philippe Brassac, chief executive of Crédit Agricole SA, enjoys Euromoney pressing him on how the bank may deploy its excess capital



“There is a great deal to be worried about. Investors are being herded into a technical that they don’t believe in. I expect more vulnerability and weakness from here”



“As borrowers queue to issue low cost debt while they can, we may be at the beginning of the last hurrah”

Christian Savvides, co-head of debt advisory at Rothschild, believes some issuers might be living on borrowed time



“Competition has never been more intense, so it’s unlikely all banks enjoyed the benefits of that volatility in terms of activity levels”

Tim Throsby, chief executive of Barclays investment bank, offers a warning to investors hoping resurgent volatility will have super-charged returns from banks’ markets businesses