Two recent deals have shown which way the wind is blowing for equity markets work, according to AAR ECM co-head Robert Pick.  Pick was the lead lawyer on Nufarm's A$250m equity raising (advising sole underwriter UBS) and a A$76m equity placement by Super Cheap Auto to fund an acquisition of outdoor leisure retailer Ray's Outdoors.

"The Super Cheap Auto placement is another example of the re-emergence over recent months of equity raisings being used to fund acquisitions," said Pick. He also said that the Nufarm transaction was notable in that volume underwriting transactions had been uncommon in recent times due to the volatile market conditions.

Other firms involved in these deals were Arnold Bloch Leibler, Baker & McKenzie and Sidley Austin (Nufarm transaction) and Mallesons (Super Cheap Auto). ABL's lead advisor was Jonathan Wenig, who also advised on last year's carsales.com.au IPO which broke the IPO drought.

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