A near 20 per cent rally off the market's low and a whopper stimulus package has lifted fund managers' moods and opened up the equity raisings market.
While discounts are still big for the distressed raisers - as seen at Webjet and Kathmandu on Wednesday - at least there is a price that underwriters and investors will support deals.
There were four deals in the market on Wednesday and expectations building for more. Flight Centre is the obvious one, now that Webjet's has taken off.
And we expect the drama isn't over at Webjet. It's understood one of the company's private equity suitors has popped up in the bookbuild, perhaps in a sign of what's to come.
