Class it is not just the volume, but also the number of deals.
Certainly, the availability of credit.
Banks nowadays are more able to lend.
That is a factor.
Also, the credit of the bond markets, which have become more liquid.
The tapering in the u.s. and the little slowdown in emerging markets is making people see if you want to generate growth, you have to be more active.
What about the fed and high interest rate?
How is that front ending?
Quest that can have an effect, two.
On top of the high availability of credit now, you can come up to debt with credit rates.
It allows you to get asset at a decent financing.
Spain is your area of expertise.
It is an economy showing signs of improvement.
What is the m&a environment telling us right now in spain?
Without delving deeply into the macro, we are hoping the spanish economy -- you have a problem, much stronger.
The fact is investors are starting to think the macro bottom is now behind us or we are right at it.
We are seeing a lot of foreign direct investment in the sector, as he valuations have become much more rational than we have had.
You see blackstone putting a lot of money to work.
Then, it is the fact the space of the country has become lower.
It has become a great space.
The expert economy is doing very well.
That on top of the fact that latin america is still considered a growth area.
It makes it a very attractive investment place.
You mention a lot of funds are pouring money into goldman sachs.
Which are the geographies the money is coming from and where is the money going at go -- going?
Quest both putting money in.
Bb a is celebrating here equity days.
The number if -- of investors is up 50% from last year.
Interestingly, when american money used to be absent from these places, they are now making up about 20% of investors in this session.
American money coming into europe, because he valuations are high and europe, without a risk in the euro, the currency itself, they are thinking, why work there.
The big deal taking place last week, we cannot talk about m&a without the verizon and vodafone deal.
What is the effect of such a sizable deal?
I agree, knockoff after knockoff after knockoff.
There will be derivatives that put voters in a strong this -- position to -- they want to be a large european player.
They would want to reinforce their own operations in various markets.
Other operations have to do something to defend.
Telecom is clearly proving now to be not so much i do mobile or cable, but you have to do everything.
It is the industry.
It is number one in the charts.
Telecommunications, verizon, mobile, and you have got the cable operators.
And i am hoping capital glacial and does not run into trouble.
You you think they will?
There is talk overnight a hedge fund has taken a position and the reason why is a cousin wants a higher price.
We have the vote at 875%. could it be problematic or not?
I would hope not.
The deal makes a lot of strategic sense for vodafone.
It is something that can show you the path of what it wants to do, not just be a liminal -- limited mobile player but services across the board.
Where technology is moving, that makes a lot of sense.
You see nokia getting out and trying to just stay in networks.
The telecom specter can be very active.
Which other industries will be active?
It is oil and gas, diversified financial services.
Looking at europe, will it be , the hot industry?
In europe infrastructure, it will be one of the hotter places.
Governments have transmitted money to do investments, though productive to the economy, they have then beneficially affect -- affecting the risk to the economy.
Consumer is still something that needs to go through a further wave.
I would say last but not least, energy, as european companies and energy try to ask dan and abroad.
Involved in key energy deals in spain in recent years.
Now, we are spending a lot of time in latin america -- latin america.
You think in latin america, we have had consumer and energy and they have been very active.
Using them as resources is very active next.
In the natural resources space, the asian money has been very active, whether chinese or japanese, the japanese economy has gone after a drive to internationalize the funds and try to secure resources and energy outside of japan.
The chinese, traditionally have been doing that.
They are big drivers of that affect.
Having said that, i think the european and the americans are not sort of lying asleep.
It is trying to repair its business.
There is going to be a lot of activity there.
All natural resources, whether mining or anything else.
Telecom in the americas, with american mobile moving big, and them having to reach an agreement when telefonica announced its merger, the piece signed there, could it mean something else for the americans
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