Pandemic upends norms for public fund-raising in election year

As the global COVID-19 pandemic continues to crater equity markets, buysiders are increasing their cash positions and companies are taking measures to delay any fund-raising activity to 2H20, when capital raises can hopefully be done on better terms.

Front-loading the first half of the year is clearly not an option, meaning companies that had previously planned to raise money in 2Q20 are likely going to have to buck the common practice of holding back in the second half immediately ahead of a U.S. presidential election...