Good evening,

As deal teams prepare for what feels like an inevitable lockdown, their phones are starting to ring hot.

Gone are the long-winded asset auctions and the never-ending IPO due diligence committee meetings.

In their place is the once-in-a-generation chance (or twice, if you're lucky) to be involved in a market-wide recapitalisation rush as corporates re-stock balance sheets.

While it's early days, recent phone calls suggest it could be a busy few months ahead. Bankers will be praying equity markets find a bottom and settle down soon so a spring of deals can launch into a rising market before June 30.

Whether that happens or not is anyone's guess. Good luck to any bank underwriting a deal in the current climate.

Elsewhere in Street Talk tomorrow, we look at AMP's plans to sell its NZ wealth business, have an update on CIMIC's mining services business, and take a look at another juicy mandate keeping some banking teams busy.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk Editors