[ by Howard Haykin ]

"Shares in Countrywide jumped as much as 15 % on Wednesday on its first day of trading after pricing its initial public offering,"  the Financial Times recently reported.  It continues:  "In another sign of an improving European market for new company flotations."

This can't be happening, you say.  I had no idea Bank of America was spinning off Countrywide Financial - the financial institution that, under the steady and consistent stewardship of Angelo Mozilo, contributed mightily to the Credit Crisis in 2008, and that now is contributing mightily to the bottom line of Bank of America, thanks to the enormous foresight and unbridled hubris of ex-BAC Chief Executive Ken Lewis.

And, I can't imagine the stock being so popular!

We have an answer to the question you're about to ask, namely:  "What the heck is going on?"  

Simply stated, we're referring to the Countrywide –  a housing and property company that operates 46 high street brand properties in the U.K. - including Hamptons International, Churchills and Bairstow Eves - and facilitates the sale of one in 11 homes sold in the UK.    Countrywide also is majority-owned by private equity group Oaktree Capital. 

Its strong showing in the secondary market would appear to bode well for the 300 or so new companies globally that are actively preparing to list in 2013. In Europe, 11 initial public offerings are expected to price before the end of March – as reported by Ernst & Young.

For further details, go to:   [ Financial Times, 3/20/13 ].