July 2006
Primary issuance: Secondary market rocks the boat for primary deals
The primary equity market is the latest victim of the sustained falls in stock markets around the world, now into its second month.
Although equity strategists everywhere have been offering assurances that the declines are an overreaction, investors are taking no chances. “The market has been brutal,” says Jean-François Tine, co-head of equity capital markets at Ixis Corporate and Investment Bank. “It’s given up six months of gains in two-and-a-half weeks, on the back, of so far, nothing more than sentiment that we’re going to have a rise in inflation and that growth is going to slow.”
The list of casualties is growing daily. In June, Italian petrol station operator Anonima Petroli Italiana and Italian management consultancy Value Partners, which had hoped to raise up to €392...
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