Good evening,

The boom in M&A and capital market deals has local bankers expecting some extra cash in the kitty before the Christmas holidays.

But despite the expectations of bulging hip pockets, the shower of dollar bills will not be anything like the pre-GFC windfalls that had mid-career bankers make early exits from their jobs, flush with cash.

One banker is thinking in the range of a 10 per cent bonus. Promotions are also far from guaranteed, despite the boom. With positions vulnerable when the cycle turns, all banks will be wary of taking too many people up the ladder.

Meanwhile, the auction for a half-share of Pacific Equity Partners’ smart meters company Intellihub is heating up, with Morrison & Co and Stonepeak the leading contenders.

Elsewhere, Blackstone has hired Macquarie Group dealmaker Michael Blickstead as senior managing director in its Sydney office; Eric Gao’s BMYG Financial Group has closed a $100 million raising; and Vald is acquiring the hardware assets of Fusion Sport in a multimillion-dollar deal.

Happy reading,

Anthony Macdonald, Yolanda Redrup and Kanika Sood
Street Talk editors