Offerings compete with secondary market
The return of issuers’ and investors’ appetite for equity offerings, in line with the recent improvement in the domestic scenario, but at a time when the fund industry continues to suffer from redemptions - data from Anbima points to another month of negative net financing in equity and multimarket portfolios in June - has had and should continue to have an impact on performance of the secondary market on exchange B3.In the last two weeks of June, the period in which a large part of the offerings of this incipient window were concentrated, the Ibovespa (Brazil’s benchmark stock index) moved away from the maximum of 120,420 points. In addition, foreign investors, who had injected R$7.68 billion in the secondary market of the B3 until June 16, slowed down their pace and did not exceed R$10 billion in the full month.It’s natural to see a profit-taking move after the segment has advanced so quickly and with such strength in recent months, but according to analysts and managers, the interference is occurring and will only lose strength if the fall in interest rates brings capital back to the stock exchange. According to Teodora Barone, equity capital markets head at UBS BB, if this prevailing expectation materializes, it could help bring new issues to the market - including IPOs after a dearth of almost two years.So far, however, this has not been the case, and for the time being, managers are taking a more cautious approach. According to the RPS team, this movement is one of the main points of attention for the stock exchange in the second half of the year, given the possibility of listed stocks taking most of the capital flow.Marcelo Sá, chief strategist at Itaú BBA, said that the recent wave of equity offerings has affected the performance of other securities listed on B3. Since the industry continues to face significant redemptions, although at a lower level than in the past months, there is no new money in funds and in the stock market for large investments, he said.Thus, he explains, investors had to leave certain positions in which they were allocated in order to enter others. "The beginning of the recovery movement of the stock market, between April and May, was mainly the result of the reduction of the cash positions of the equity funds and the short positions of the multimarket funds," he said.Aline Cardoso, head of Brazil research and strategy at Santander, believes that the offerings have come out, "some of them very well," which...
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