Joe Dickerson, Execution Noble analyst, said: “Today’s trading statement points to a good level of income growth. Costs are well controlled and lower than the equivalent period in 2009. Most importantly the group now expects to deliver a better impairment performance than previously guided in both retail and corporate in 2010. The group now believes that it will be profitable in 2010 . . . We continue to expect Lloyds to report net profit of at least £529m for 2010, against a consensus loss of £973m. Stock should be strong today and we anticipate follow through. We flag the prospect of a pre election placing in the stock.” [Emphasis in the original.]

Are you sure, Joe? Is a deal before May 6, especially with Easter in the way, realistic?

Getting noticed is one thing, but that’s a remarkably brave suggestion.

IFR’s ECM experts promise that they will eat the deal prospectus if one arrives before the election.

Regional ECM bankers have expressed scepticism that the deal will find much overseas interest. The airline returned to profitability in 2007 and has plans to almost double its fleet over the next five years and increase routes as part of its ‘Quantum Leap’ strategy.

However, most people will associate Garuda with safety breaches. In 2007 the airline was banned from flying to Europe for its poor safety record and will resume flights there only in June this year.

One domestic analyst said that local and foreign fund managers based in Indonesia have shown a lot of interest in the IPO, partly because it will be perhaps the largest in the country this year. He noted that the airline also has a captive market among the middle- and upper-classes for travel within Indonesia, as it is considered the safest domestic airline and foreign competitors are restricted from competing in the market.