An upsized IPO offering that raised $700m+.
A first-day pop of 25 per cent at pixel time.
A return of more than 2.5 times Blackstone’s investment.
It’s certainly been a good week for the management of SeaWorld and its private-equity backers. But one new shareholder in the newly public aquatic theme-park group is already shaping up to be a nuisance. Read more
This week on FT Alphaville,
- Gabriel Sterne called for a transparency revolution at the IMF. Read more
Click to enlarge. Hat-tip to the FT’s Kerin Hope and Sigma TV:
This post by Gavyn Davies has been cross-published at Gavyn’s own blog.
The work of Carmen Reinhart and Ken Rogoff (RR) on public sector debt ratios, and their relationship with GDP growth, has been extraordinarily influential in academic and policy circles since 2010. Before this week, their statistical analysis, based on a 200-year database which they had painstakingly assembled covering dozens of countries, had appeared to establish an important stylised fact: that debt ratios above 90 per cent were associated with much lower rates of GDP growth than debt ratios under 90 per cent. The sudden drop in growth at a debt ratio similar to that reached in many developed economies acted as a wake up call to governments and encouraged the adoption of austerity programmes. Read more
Wanna know what you have to put up with being an internal investigator at a Kazakh miner like ENRC?
Lombard supremo Jonathan Guthrie got hold of this email after writing last week about the threatened resignation of ENRC’s chairman, Mehmet Dalman. Read more
The IMF holds its Spring Meeting in Washington DC this weekend, amid continued debate over how it has responded to the eurozone crisis. Gabriel Sterne, a senior economist at Exotix with two decades of public sector experience including at the IMF, presents his case for reforming the Fund.
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From the RNS on Friday…
Mr. Alexander Machkevitch notes the recent press speculation with respect to Eurasian Natural Resources Corporation plc (“ENRC”). Read more
Thursday’s 5-year US Treasury TIPS auction was something of a noteworthy one, according to Kit Juckes at Societe Generale. Click to enlarge…
Live markets commentary from FT.com
The rise of rail oil || Italy ditches promise of ratable payment to bondholders || Blackstone abandons its $25bn offer for Dell || IBM posts rare miss || Votorantim Cimentos intends to raise $5.4bn || Microsoft signals change of heart over Windows 8 || Google reports mixed results || SAP’s shortfall || Morgan Stanley suffers trading activity decrease || Markets update Read more
An interesting chart from the American Enterprise Institute showing to what degree oil shipments by rail have risen in the last two years:
Elsewhere on Friday,
- On cigarette money as commodity money.
- Correlation, causality and casuistry.
- Soros is not dead.
- Will robotic cars enable super-suburb cities? Read more
Asian stocks rebound after earlier falls || Aso says G20 okay with Japan easing || Osborne vs IMF || Italian centre-left in disarray after failure to agree President || Blackstone pulls out of bidding for Dell || IBM misses expectations || Google beats on profits, misses on revenue || Ireland picks through debtors’ lifestyles Read more