Jumbos hog limelight, IPO hopefuls hold off
Halfway through the first quarter of 2013 ECM bankers are starting to anticipate what is traditionally a busy period for deal launches after results season is out of the way in the next few weeks. But already, some trends are becoming evident, particularly investors’ focus on liquidity which has helped deliver a constructive environment for large deals, but left smaller offers struggling.
Across ECM products, investors focus on liquidity has meant that large deals have dominated. The first six weeks of 2013 have seen more jumbo deals than the same period of any year since the crisis, and nearly three times as many as 2011.
Convertible bonds have continued to find
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