Secondaries Announced 5.31.17

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Our Buy, Neutral or Avoid ratings of the Secondaries below are intended as a recommendation for those who buy Secondaries on a regular basis. For example, this is not to be interpreted as a Buy recommendation in the traditional sense of adding to your stock portfolio; this is a short term (usually one day or opening trade) time period. Spot secondaries or block trades due to the very short duration of announcement to trading, may take longer to “work”, and should be judged accordingly. (the key is the pricing for spots and or blocks…even more so than scheduled secondaries)

Company: Banco Macro SA
Symbol: BMA
Price: Last Trade $89.85
Trade Date: 6/13
Shares: 7.4 million shares ($665 million raise)
Underwriter(s) : Goldman Sachs & Co., BofA Merrill Lynch
Rating =Subscription Needed

Company: GMS, Inc.
Symbol: GMS
Price: Last Trade $32.66
Trade Date: 6/2
Shares: 5 million
Underwriter(s) : Barclays, RBC Capital, Credit Suisse, Baird
Co-Manager: Raymond James, Stephens Inc.
Rating = Subscription Needed

Company: NanoString Technologies Inc
Symbol: NSTG
Price: Last Trade $18.34
Trade Date: 6/1
Re-offer Range: Subscription Needed
Shares: 2.75 million
Underwriter(s) : Baird
Rating = Neutral

Company: Air Transport Services Group Inc.
Symbol: ATSG
Price: Last Trade $23.85
Trade Date: 6/1
Re-offer Range: Subscription Needed
Shares: 3.8 million
Underwriter(s) : BofA Merrill Lynch
Rating = Subscription Needed

Company: Visa, Inc. – Block
Symbol: V
Price: Last Trade $95.23
Trade Date: 6/1
Re-offer Range: Subscription Needed
Shares: 2.2 million
Underwriter(s) : BofA Merrill Lynch
Rating =Subscription Needed