Virgin Australia’s mooted IPO has investment bank bosses re-pledging their allegiances in Australia’s hard-fought aviation sector, with Qantas Airways’ banks not needing to apply for lead manager mandates.Aviation is one of a handful of Australian duopolies where investment banking teams, law firms and other service providers have to declare their stripes and fight tooth-and-nail for their chosen side.
With Bain Capital-owned Virgin thinking about re-listing on the ASX, those investment banks with close ties to arch-rival Qantas are sitting out the pitching process. That’s the price of loyalty.
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