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Some Brazilian bankers have asked if large drawdowns would inflict psychological damage on retail equity investors. This is important, as the growth of retail had offset this year’s capital outflows from international investors.
Local banks now dominate new deal bookrunning mandates because they now control the most important sources of demand.
The online brokerage business XP Inc took advantage of this to claim the lead on the IPO for BMG bank last year – the first time a new bank had won such a role in 17 years.
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