Mr. Greiner: It's clearly difficult, there are fewer transactions, very little equity capital markets activity and essentially no IPOs bar the CLP TRUenergy IPO, which has enlisted Rothschild as financial adviser.

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It has no credibility and no international appeal for IPOs.

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There have been no marketing "roadshows" for IPOs in recent weeks, so the earliest a deal could be priced would likely be in the second half of June.

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