Good evening,

Another day, another wild ride on the sharemarket. The benchmark S&P/ASX200 finished down another 3.6 per cent following some heavy selling in the final hour.

The turmoil has spilt into hybrid markets, which has our attention on some hybrid raisings that are yet to close.

The raisings belong to NAB and Macquarie Group, and were both stitched up in late February, when there was little sign of what was to come.

They were both priced at tight margins and were upsized, and brokers stuffed their boots with stock.

Since then, though, hybrid markets have sold off heavily. And if the hybrids list as scheduled later this month, it looks like the brokers and/or their clients will be left wearing hefty losses.

It is understood the banks and their brokers are considering their options. The investors that have been lined up - many of which also double as NAB and/or Macquarie shareholders - are watching closely.

Elsewhere, the coronavirus has claimed its first big cross-border M&A deal, with Brookfield pulling the proposed sale of its Queensland coal port.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd

Street Talk editors