current deal flow
How is deal flow right now in MM and boutique investment banks? I would imagine it has picked up but is it still fairly slow?
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The past week-and-a-half have been brutal for my group. Two of three live deals I was staffed on have been put on hold because the client is concerned with valuation (which is fair -- based on public comps, valuation has dipped over 10% in both cases). On the third, we're continuing the drafting and diligence process with the hope that this will be a quick dip in the market and it will begin to recover in the next 4-6 weeks.
Though this is just my experience, I have a feeling this is pretty normal across the street... I know a couple of IPOs that were expected to file last week didn't due to market conditions, and I'm sure prospective sellers in the M&A market are not going to enter the process with current market sentiment.
what group are you in?
From the perspective of a BB -
IPO window is closing (lots of botched pricings) and HY market has been choppy. M&A continues to be slow.
We'll see if this is just a bit of turbulence due to Greece et al, or a real dip in the road.
We've seen a pretty steady increase in incoming deal flow at my MM PE shop. Deals from all sorts of different banks / brokers / wherever. The deal flow is definitely out there.
Bankers have also told us that deal flow is up for them. We expect to see a large inflow of books from banks in the near future.
Really? I guess getting books now means they entered the process around the beginning of the year, which makes sense. But last week/today we met with four big-name PE/VC firms in the region and they basically said they are putting their exit strategies on hold for the time being -- and just less than three weeks ago each company had intended to move forward with a sell-side process for at least one of their portcos.
I would guess there will be more of a freeze in the equity markets than M&A markets, and companies that have already entered the sell-side process will be inclined to move forward, but it doesn't seem like the opportune time to enter the sale process. Maybe we've just been unlucky... Who knows. Hope this is a minor bump for deal flow!
here in asia, a bit slow compared to usual
M&A is slow. Capital markets deals are fine.
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