n hindsight, February 6 was not the most fortuitous day to list
on the New York Stock Exchange. A week earlier, data showed
investors had pulled $6.3 billion from emerging market equity
funds - the most in two and a half years. Investors repeated
the exercise in the days running up to Geopark's IPO, as fears
about an emerging market bust burnt through markets.
COVER STORY EQUITY: Courting capital
Talk of an investor capitulation is intensifying as investors exit Latin American equities — although no-one, yet, has called it. For Latin companies raising equity in 2014 will be a tough game. Those that can are looking elsewhere. By Katie Llanos-Small
The Chilean oil and gas firm had targeted pricing on
February 5. That day, communication to the market from lead
managers BTG Pactual, Itaú BBA and JPMorgan about the
listing went quiet.
"I heard that everything's fine, and that they just need to
get the paperwork ready," said an equity market specialist who
had been following the deal that afternoon. "But that could
just be a tactic to stop any leaking."
Geopark was planning a complex transaction. Hoping to
position itself in the US...
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