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
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