Good evening,

Two debt-focused listed investment companies launching big floats in the same month has forced a quick scramble at Australia’s largest stockbroking firm.

Street Talk reported on Tuesday that Commonwealth Securities Limited was among the broker syndicates named by MA Financialin a pathfinder distributed to potential investors on Monday.

However, Commonwealth Securities’ name was absent from a term sheet issued to investors on Thursday. Street Talk understands the bank dropped out of the broker syndicate citing conflict of interest. CommSec is also named as an arranger on the Realm debt-listed investment trust which is due to launch on Monday.

In fairness to MA Financial, the firm was in a tricky spot, obliged to finalise its pathfinder presentation and name its syndicate before Christmas. But when it became clear Realm was working with a competing timetable, CommSec pulled out, sources said. CommSec is understood to have been mandated by Realm first and informed MA Financial that if the transactions occur at the same time, they’d have to excuse themselves.

By all accounts, MA Financial’s fundraising is off to a flying start with sources telling Street Talk the cornerstone offer is expected to exceed $100 million. The offer, open to wholesale investors, is due to close midday on Friday.

Read the full story tomorrow and more on the Street Talk page.

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Click here for the latest equity market wrap.