ECM bankers are putting a braver face on conditions than they were in September, despite one of the quietest periods for public equity issuance in Europe. On the face of it, it’s hard to see why. Although most equities are off their lows, conditions have scarcely improved and in the continued absence of a resolution of the eurozone sovereign crisis, bankers appear to have little reason to be hopeful.
But heads of ECM stress that pipelines are looking healthy and getting more so all the time after a busy pitching period in recent months. "Weve even got a little pipeline for this year!" said one excited senior ECM banker this week.
In that specific respect, he was in