Rates vol throws off €200m Meridian IPO

The until-now resilient European IPO market saw its first postponement of the season on Monday, as Meridian, a Dutch REIT, cancelled a €200m Warsaw IPO amid a fixed income and equity market sell-off.

  • By Andrew Griffin
  • 24 Jun 2013

Volatility across fixed income markets meant that determining appropriate yields for pricing became difficult. The stock was expected to pay around 7%-9%.

“There was strong interest — a deal could have been done, but it would have been very cheap,” said one banker. “Investors just aren’t sure what pricing is appropriate as bond ...

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5 Morgan Stanley 331.78 2 5.91%