Genworth's phantom IPO reappears

From Banking Day comes news that on again off again Genworth IPO is on again, or is that off again?

Martin Klein, acting president of Genworth told a conference call yesterday that “executing a partial sale of our Australia MI [mortgage insurance] platform remains a key goal…Execution of an IPO is subject to market valuation and regulatory considerations, and we continue to not expect an IPO to occur until the fourth quarter of this year or later.”

It’s a shame. A listed Genworth would provide a spectacular shorting vehicle. Genworth also said that it expects a “modest decline” in new business this year so I’m not holding my breath.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

Genworth’s phantom IPO reappears