The news that the ECB is planning to introduce US-style guidelines for the European lev market even surprised members of the panel on which the news was announced, instigating a heated discourse between the ECB official and the surprised bankers.
The obligatory bashing of the private equity market, an easy target for grumpy bankers, kept the sour mood of the conference going.
One delegate, presumably a fan of the TV show 'Game of Thrones', described private equity bankers as 20th century lords of the manor, dishing out food and crumbs to the peasants when they feel charitable.
It might be a case of one dividend recap too many this time.
Natixis’s Chris Lovgren took the news from the conference in his stride and made the most of the Barcelona nightlife with some other lev market participants. If in doubt, rioja.
Meanwhile in London, things took a turn for the bizarre.
Allen & Overy gave its summer press party a "foraging" theme (no, we didn’t have a clue either).
The "foraging" party involved a Narnia-themed lift, complete with fake grass and foliage, and an office full of more leafage and green lighting.
Next we were offered canapes inspired by the forest floor, including goodies such as pebbles (cold potato), slime (pea juice) and pond water (a pipette of what tasted like pond water).
Luckily, the forest floor treats were a pre-cursor for real and delicious food. The Ranger breathed a sigh of relief at the first sight of the lamb wraps.
The Ranger was relaxing into the evening after a couple of foraged cocktails (luckily they have rum in the forest), when A&O’s co-head of global banking, Phil Bowden, arrived on break from a late shift working on a levloan deal.
Two cocktails down, the Ranger’s grasp of stimulating conversation had slipped somewhat, though Bowden was enthusiastic and interesting nonetheless.
Bowden’s late working hours should be a good sign for the LBO market, which might put a smile on the faces of those grouchy lev bankers.
