IPO calendar builds in face of MENA risk
ECM bankers were cautiously optimistic this week that the new issue market in Europe will be able to ride out volatility caused by political instability in the Middle East and North Africa, although most concede that not all of the heavy deal calendar due before Easter will be completed.
Volatility, as measured by the VIX, reached 22.13 on Wednesday — its highest since November 30 — and the MSCI Emerging Market Index traded 7% below its 52-week high set on January 13, leading one syndicate banker to say with understatement that "conditions are not ideal".
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