Good evening,

UBS might be back on top, but not without the help of its old boss. On Tuesday, the Swiss bank shot to the top of the equity capital markets league table after snaring a sole lead manager role on the COVID-19 raising every banker across the street has been pitching for since March – a $2 billion pandemic bailout for Sydney Airport.

Tonight, we take a look into the deal, which also involved former UBS top dogs Matthew Grounds and Guy Fowler via advisory firm Adara Partners. It was only months ago that UBS had its lawyers sending letters to Grounds, warning him against raiding the bank to set up a proposed venture with Magellan’s Hamish Douglass. How times have changed.

Meanwhile, we’ve got all the details on how the recapitalisation proposal from bondholders Tor Investment Management and Broad Peak Investment Advisers values Virgin Australia. It’s optimistic, to say the least.

Finally, respiratory mask manufacturer CleanSpace has been pitching investors for its float and Geoff Wilson has taken aim at under-fire listed investment company Contango Income Generator.

Happy reading,

Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors