Wells Fargo is joining the party and doing a $10 billion offering. The amount of supply hitting the market is monumental. I believe market participants are whistling past the graveyard. I expect a much lower market by the end of the week.
This is a slap in the face to Citigroup as the two deals will now be in competition. Wells Fargo could have easily waited another day.
3 comments:
Do you know if it hits the market immediately, like the BofA offering?
I think it will price tomorrow night and start trading Wednesday.
Russell 2000 had a strong up day. Russell outperformance doesn't usually proceed a selloff. Caution on the short side.
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