Breakingviews - Citi hands SEC a SPAC victory
Summary
NEW YORK, April 5 (Reuters Breakingviews) - Citigroup (C.N) isn’t so sure about special-purpose acquisition companies anymore. The bank run by Jane Fraser is putting its leading SPAC business on pause after the U.S. Securities and Exchange Commission proposed new regulations, according to Bloomberg. Citi underwrote $22 billion across 108 IPOs in 2021, taking nearly 14% of the market, the largest, per SPAC Research. Other major SPAC banks like Cantor Fitzgerald, second in the league tables last year, had fewer splashy names attached to business. That Citi has voluntarily stepped back to re-evaluate its role could push others to follow suit, and without the SEC doing much, yet.
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