The banks have actually done lots of work for Qantas for many years, consisting of current equity and financial obligation raisings. When Qantas raised $1.36 billion in equity positioning in June 2020, for instance, JPMorgan and Macquarie were on the ticket. When the airline company re-financed a $500 million bond in September 2021, Citi was a co-lead underwriter.
Everybody else is either unaligned, or in the Virgin Australia camp.
The entire us vs them culture in Australian air travel a sign of the hard-fought nature of Australian duopolies, with business HQs ditching over executives, specialists and what can be other small benefits.
It’s comparable in Australia’s grocery stores, media and varied mining sectors.
Virgin’s pitching procedure is because of play out in the next couple of weeks. The airline company and its owner Bain Capital had shop Reunion Capital Partners send out an ask for proposition to financial investment banks recently, inquiring for who they believe would have an interest in purchasing Virgin shares and at what rate, and describing the procedure.
Goldman Sachs, Morgan Stanley and UBS are viewed as the early favourites, provided their work for Virgin and Bain in the previous 3 years, however are far from the only pets in the battle. It’s a possibly huge offer, for a huge worldwide sponsor, and will be acutely objected to.