Ms. Moraes of JPMorgan said one of her biggest concerns was “the political volatility<br />in Brazil, which could delay investment decisions by companies and investors.”<br />Still, she and others said recent developments offered reasons to be hopeful, in particular the return of foreign investors to recent stock offerings.<br />“The market has been starving for equity for so long,” said Patricia Moraes, the head of banking in Brazil for JPMorgan, who, like<br />the other bankers quoted in this article, would speak only about the state of the market and not about any specific I. P.O.<br />Cautious Optimism in Brazil as Appetite Returns for I. P.O.s -<br />By VINOD SREEHARSHAMARCH 16, 2017<br />RIO DE JANEIRO — The three-year drought of initial public offerings in Brazil is finally<br />starting to dissipate, giving hope to investors from São Paulo to New York and Boston.<br />“I don’t think that most foreign investors will start diverting a large chunk of their resources into Brazil until we have the social security reform approved<br />and especially until we start showing some growth in G. D.P.,” said Mr. Ejnisman of Banco Bradesco BBI.<br />“We’ve seen some respectable foreign investors that were not in the market last year come back.”<br />A version of this article appears in print on March 17, 2017, on Page B1 of the<br />New York edition with the headline: Trickle of I. P.O.s in Parched Brazil.
