IPO Window Cracks Open, Bankers Smell Fees Again
Two tech names priced above range and ripped on day one. The new-issue market is officially back from the dead and ECM desks are frantically dusting off the pitch decks. 🪟
Two tech IPOs priced above range and popped on debut, the clearest sign yet that the new-issue market has a pulse again. Somewhere on a trading floor, an ECM banker is weeping tears of pure bonus.
A couple of clean tape-pops doesn't reopen the floodgates, but it does give the backlog of late-stage companies — and their increasingly impatient investors — a reason to dust off the S-1.
Expect a stampede of 'strategic alternatives' headlines over the next quarter as everyone tries to sneak through the window before it slams shut again. It always slams shut again.
Powell Holds Rates, Politely Tells Rate-Cut Bros to Touch Grass
JPow left rates unchanged and basically subtweeted everyone praying for cuts. The dot plot shoved easing deeper into next year — rate-cut dawgs officially down bad. 📉
Private Credit Hits $1.7T, Banks Quietly Crying in the Corner
Direct lenders keep eating the banks' lunch and now have $1.7T to deploy. Regulators just realized nobody actually knows where the leverage is buried. shadow-banking szn 💀