US ECM syndicate desks are hoping the refreshment that comes with the start of the second quarter will provide some renewed deal momentum after a torrid few weeks for the new issue business. Though the S&P 500 started April in fine form on Thursday by bursting through 4,000 points for the first time, the shortened week was a brutal one for new issues. For once, no IPOs are currently scheduled for the first full week of April. The past week saw bankers see off a record first quarter of US corporate and SPAC IPO issuance (US$40bn of traditional IPOs and nearly US$100bn of SPACs) but it was obscured by a week in which six traditional IPOs priced for disappointing proceeds of US$1.9bn as two deals (Kaltura and Intermedia Cloud Communications) were postponed and several (Compass and Karooooo) suffered significant downsizes.
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