Good evening,

It’s popcorn time for investment bankers!

Deferred cash bonuses will be paid at UBS on Monday, paving the way for Barrenjoey Capital Partners’ second-wave recruitment drive to begin.

As Street Talk reported on Sunday, a bunch of big-name equities research analysts are expected to be first out of the door, while a handful of senior and junior investment bankers are also known to be preparing their moves.

It sets the scene for a fascinating few months; the incumbent UBS is sure to seek to hit back and rebuild its stocks, while Barrenjoey waits for its new starters to be allowed into their office. Other investment banks are also trying to make the most of the flux, and doing what they can to keep their own bankers bolted into their seats.

Elsewhere, it’s expected to be a big Monday for Tilt Renewables and its bidders.

Dual-listed Mercury NZ and QIC Ltd’s PowAR, which includes AGL Energy and the Future Fund, were seeking to finalise a deal on Sunday night.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors