Bankers in Asia are bracing for a deal drought as efforts to limit the spread of...
HONG KONG/SINGAPORE - Bankers in Asia are bracing for a deal drought as efforts to limit the spread of the coronavirus epidemic have put key meetings and roadshows on hold.
“All our deals are on hold now - capital markets or M&A. Nothing is happening,” said a Hong Kong-based senior investment banker with a Wall Street bank. The sale of the company, partly owned by a unit of Singapore state investor Temasek Holdings and with a significant chunk of its business in Hong Kong, is being pushed back as most of its targeted buyers are Chinese, these people said.
A number of countries have reduced or canceled flights in and out of China while Singapore and Hong Kong have demanded people returning from China quarantine themselves for up to 14 days.The bankers declined to be identified because the transactions are confidential.During the 2003 SARS epidemic, the volume of China-related IPOs fell 25% in the first half of the year compared with 2002, while M&A volumes halved, according to Refinitiv data. The epidemic ended in July 2003.
“The most significant adverse impacts, as of today, are the ability of IPO candidates and the reporting accountants to get their financials prepared and audited and for advisers to conduct on-site due diligence given the disruption to regional travel,” said Michael Jacobs, a partner at law firm Allen & Overy.
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