Last week El Diary was in the Catalonian capital for sun, sangria and structured finance as 4,000 delegates descended on the catchily-named Annual Global Asset-Backed Securities Conference, which was every bit as fun as it sounds.

Expectations were high as pointy-hatted finance gurus speculated on key industry issues such as how drunk the most drunk delegate would be; would panel members outnumber their audience; and would anyone – except your highly-motivated correspondent – make it, bleary-eyed, to the 9.15am sessions? (Yup, apparently Spain has a nine in the morning as well now.)