Stifel put out this note yesterday:

“While sentiment in SPACs is still well off the Feb euphoria, there was a notable shift last week as we witnessed a return of the PIPE. More than $2.5B was raised in PIPEs to support the 7 deals announced last week. While this total still pales compared to the 20 IPOs raising $6.5B, it seemingly marks an inflection after the press ran multiple stories about difficulties filling PIPEs in recent weeks.”

Also, for SPACs looking for a deal, the median Yield to Maturity is as high as we have seen since the last week of November 2020.

Archegos Fallout and Quarter End

This week the market has to deal with any remaining fallout from Archegos and quarter end rebalancing. With both forces at work, trading is likely to be choppy and there are likely to be a ton of divergences. You can’t really read into anything that happens until Thursday or Friday.


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