Buy-side corporate access
leaders praise IR flexibility amid Covid-19 disruption
MAR 18, 2020
Demand for meetings unchanged as investors praise
US corporate access co-ordinators on the
buy side are not expecting in-person meetings to resume until
mid-April at the earliest, as the industry strives to understand the
effects of Covid-19.
for corporate access remains the same, with banks moving their
conferences to a virtual format, and issuers and investors initiating
direct contact. The earliest that in-person meetings could resume is
mid-April, according to one corporate access professional at a large
US institution, while others suggest they’re preparing for late April
at the earliest.
side is doing its best to convert planned corporate access meetings to
either conference calls or videoconference calls whenever possible,’
says Lisa Rubinger, who works in broker and corporate relations at
survey of European investors last week, 76 percent of respondents
are no longer attending investment conferences. This was confirmed by
several buy-side corporate access professionals to be the case in the
US. Shelter-in-place measures – which restrict all non-essential
travel and meetings – began in the Bay Area on March 16 and, according
to New York City Mayor Bill de Blasio, similar measures may be taken
in New York
before the end of the week.
financial institutions have enforced a work-from-home policy, while
some others have separated their staff into working groups that aren’t
allowed to meet physically for the foreseeable future.
Praising IR ‘flexibility and co-operation’
disruption, every corporate access professional interviewed for this
article praises the efforts of the IR community, which has reportedly
been stepping up to assist with corporate access.
seen unbelievable flexibility and co-operation from our issuer
counterparts as we pivot toward scheduling more phone calls and
rescheduling many other corporate access meetings,’ says Grant
Bartucci, associate director of corporate access and broker relations
at Point72 Asset Management. ‘They have really helped us put
everyone’s health and safety at the top of the priority list and
helped make this transition process as seamless as possible in such a
volatile market environment.’
agrees and urges IR teams to continue to be open and communicative:
‘The best thing issuers can do for the investment community is keep
the lines of communication open and try to provide as much
transparency as possible.’
one corporate access professional tells IR Magazine that
several IROs have been in touch to cancel meetings with individual
portfolio managers. It’s not uncommon for a management team to meet
with portfolio managers from the same firm within weeks of each other,
and some IROs are asking for a more centralized approach that reduces
the number of duplicate meetings by getting more people to attend one
investors adapt to the new reality, a consensus is growing that video
meetings are favored over phone calls. Several corporate access
professionals tell IR Magazine that their investment
professionals have noticed little to no difference between video
meetings and in-person meetings.
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