Fifth Third plies year-end league tables on Vantiv sale

摘要

Late-year capital commitments on stock sales always make for interesting fodder, given the ability to vault up the league tables on one large trade, even at a loss. The tight grouping of investment banks atop the combined US equity league tables has made competition particularly intense heading into year-end. Fifth Third Bancorp, the Midwest commercial bank, took advantage of the situation by raising US$695m on an all-secondary stock sale in Vantiv, the financial data processor it spun off via an IPO in 2012. The secondary sale was not unexpected and provided the seller with a capital boost ahead of year-end. The bidding process was particularly intense. "It seemed like everybody on the Street got the call," one FIG banker told IFR. "This went out to a much bigger group than you would ordinarily see for this type of business."