SAO PAULO: The days of marquee global investment banks being shoo-ins for stock market listings could be coming to an end, in Brazil at least. The Brazilian market for initial public offerings is booming this year despite the pandemic. Yet among the five banks leading managers’ rankings in terms of deal volumes, four are domestic, according to Refinitiv data: Itau Unibanco Holding SA , Banco Bradesco SA , XP Inc and Banco BTG Pactual SA . The other is Bank of America . That’s a marked reversal from the same period last year, when four of the top five were major global players – Bank of America, Credit Suisse , Citi and HSBC – with just one Brazilian outfit, Banco do Brasil . Still, industry experts caution that, despite the shifting trends in 2020, it is too early to call a structural change in a market for IPOs that has been dominated by global banks for years. Key factors behind the shift, according to industry experts, include the increasing importance of reaching domestic investors, and local banks’ existing relationships and loans to many of a new breed of midsize companies eager to go public. Brazilian investors have flooded into stocks… Read full this story
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