The "exuberance" surrounding the boom in so-called blank cheque companies is likely to be replaced with "discipline" in the future as banks and investors become more selective, according to the head of Morgan Stanley's international business.

Franck Petitgas, a seasoned investment banker and head of Morgan Stanley International, told a conference that the "exuberance" around special purpose acquisition companies, which have soared to record highs over the past 12 months, is likely to fade in time and that the bank was being "very selective" with the deals it works on.