November 1, 2009
The period is marked by two debuts, mid-cap Tivit and a jumbo Banco Santander do Brasil, both of which suffered from issues related to size and valuation. In a welcome change from 2007, when almost anything bankers threw out into the market seemed to stick, the buyside seemed to be applying some much needed rigor to due diligence. Indeed, issuers and investors had a hard time arriving at a consensus on price, and transitions of new offerings into the secondary have been rocky. As of mid-October, Tivit was 4.07% below issue and Santander was down 3.66%, according to Dealogic.
Santanders BDR IPO was poised to take all honors in this years equity market. Its 12.3 billi
The equity markets roared back to life in the third quarter, with Brazil accounting for the vast majority of follow-on and IPO volumes.