David Livingstone, CCO at Citi, discusses US IPO market vs. Europe, US capital market attractiveness, company reorganization challenges, talent retention, and stock performance impact with Bloomberg journalists.
Volatility in rate outlook affects investor appetite for IPOs, especially in healthcare sector.
US capital markets attract cross-border IPOs due to quality and depth, reflecting market confidence.
Deep dives
IPO Market Strength and Conditions
The podcast discusses the current state of the IPO market, highlighting a strong pipeline for the year. The speaker mentions the impact of rate outlook volatility on investor appetite for IPOs, especially in the healthcare sector. Despite recent positive trends, a broader market rally may rely on various factors, with issuers carefully assessing the conditions for potential IPOs.
Global Private Markets and IPO Trends
The episode touches on a structural shift in capital markets due to the growth of private markets worldwide, providing alternative capital formation opportunities. While the US public markets remain strong, other regions like the UK face challenges with declining IPO levels. The quality and depth of the US capital markets continue to attract cross-border IPOs, reflecting confidence in the market.
City's Global Strategy and Talent Attraction
City's global strategy and management reorganization have positively impacted talent attraction. The clarity of City's strategy, decisions to discontinue certain business activities, and a simplified management structure have contributed to talent acquisition. The alignment between strategy, organizational structure, and performance clarity has been key in attracting high-quality talent to City.
David Livingstone, chief client officer at Citi, discusses the state of the US IPO market and competition from European markets with Bloomberg's Jonathan Ferro, Lisa Abramowicz and Annmarie Hordern