Banco Daycoval cancels plans for share offering

Banco Daycoval cancels plans for share offering

Capital Markets Equity IPO Brazil Latin America

Brazilian mid-sized lender Banco Daycoval said in a securities filing late on Wednesday that it was cancelling an initial public offering (IPO), citing unfavorable market conditions. The coronavirus pandemic has upended the global economy, causing the worst economic downturn since the Great Depression. Daycoval filed for the IPO in February. The transaction was to be coordinated Itaú BBA, BTG Pactual, Santander and Bank of America. To prepare for the IPO, Daycoval's shareholders agreed to conver

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