It’s been a rough year for those working in the equity capital markets. ECM volumes are unlikely to pick up before the end of the year. Buyers are hesitant to invest – especially in IPOs. The global outlook hasn’t improved. And the braver issuers likely only have a September and October window to issue with second-quarter numbers. What the Latin America market needs is a big transaction that attracts strong support and – equally importantly – trades well after the sale.
Santander Mexico’s IPO could be the prime candidate for such a market opener.
The Spanish parent, badly in need of funds, is expected to raise between $2 billion and $4 billion from floating about 25% of its LatAm asset. Strong performance in a stable banking system...
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