Equity Issuers Face Investor Pushback

Equity Issuers Face Investor Pushback


Despite a flurry of new issue activity in the Brazilian equity market, there is a relatively low level of goodwill from investors amid continued weakness in the Bovespa, which dropped another 4.8% Wednesday. Disgruntled buysiders and ECM bankers point to the poor performance of recent transactions including Cetip, Tivit and Cyrela. “The taste in investors’ mouths is not good right now,” says a head portfolio manager at a LatAm-focused fund. “It’s hard to say exactly what’s going wrong in a [down

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