IR Monitor – 28 January 2026

In this week’s newsletter:

• Ed Knight & Jason Rogers: the importance of both numbers and words in IPO success
• Although the best person for the top job could come from anywhere, and shareholders are certainly global, nationality is no longer irrelevant for global CEOs – the Financial Times
• While investors remain so enthusiastic for corporate bonds, companies move to refinance sooner reports The Wall Street Journal
• Activist investors do not plan to play nice this year, warns Reuters, as they eye more corporate breakups. M&A is seen as the fastest way to make returns
• Meme stocks turn 5. Five years after GameStop shareholders launched a revolt, Wall Street has adapted and may have won the war claims Barron’s
• And finally … corporate governance should be more like professional wrestling. 

This week’s news

Both numbers & words matter in IPO

IPO success depends as much on words as numbers, argue FTI Consulting’s own Ed Knight and Jason Rogers, at a moment when European equity capital markets are searching for renewed momentum. Knight and Rogers note that while numbers dominate IPO preparation, value often leaks away when companies fail to articulate a credible strategy, purpose and execution narrative alongside the numbers. Drawing on recent European listings including Shawbrook Group, Ottobock and Verisure, three recurring “compounding gaps” are said to erode value: ambition, alignment and execution.  The latter can potentially carry a measurable cost for instance, with a delay to a £10m run-rate improvement potentially destroying almost £200,000 of value per week. As such, consistent messaging, authentic purpose and credible leadership presence are critical in building investor confidence and sustaining a post-IPO “beat-and-raise” cycle.

Nationality no longer irrelevant to become a global CEO – FT 

Nationality is no longer irrelevant for global CEOs, even as shareholders and talent pools remain international. According to the Financial Times, retreating globalisation and resurgent nationalism are dragging executive identity back into focus, particularly in the US. While foreign-born leaders still run many of America’s largest companies, the political climate has become more hostile, with US President Donald Trump publicly attacking foreign-born executives. Research shows foreign-born CEOs are already held to higher performance standards and are more likely to be fired when things take a wrong turn. And while nearly half of FTSE 100 CEOs were born overseas according to BoardEx and Odgers, the language of “national champions” is resurfacing even in the UK. As political rhetoric seeps into regulation and corporate decision-making, boards may find themselves weighing optics alongside merit. In this context, leadership credibility, stakeholder messaging and geopolitical sensitivity increasingly intersect in how management teams are perceived by investors. 

Companies move to refinance sooner

Companies are moving to refinance earlier as investor demand for corporate bonds remains high, reports The Wall Street Journal. Narrowing credit spreads, now at their tightest since the 1990s, and recent Federal Reserve rate cuts have created a window that many borrowers are keen to lock in amid rising political and market uncertainty. US corporate-debt refinancings reached roughly $425bn in 2025, up 5% year-on-year and the highest level since 2020, Dealogic data shows. Companies including Savers Value Village, Elanco Animal Health and Hovnanian Enterprises have refinanced well ahead of maturity, prioritising certainty over incremental savings. The trend highlights how balance-sheet management and capital allocation strategy are increasingly central to maintaining investor confidence in uncertain macro conditions. 

Activist investors unlikely to play nice

Activist investors are preparing to push for more corporate actions in 2026 as M&A activity accelerates, making deal-driven strategies the fastest route to returns. More than half of activist campaigns launched in the second half of 2025 included demands for M&A, up from 35% in the first half according to Barclays. Reuters reports that bankers, advisers, and lawyers all agree that improved deal conditions and a $5.1 trillion global M&A market are creating new opportunities, particularly among small & mid caps. Activists are increasingly targeting corporate breakups and strategic sales as the most value-accretive tools, and are expected to pursue more aggressive campaigns, making transactional activism a defining theme of 2026.

Meme stocks turn 5

Five years after retail investors sent GameStop shares to a record high and exposed systemic weaknesses, Wall Street appears to have adapted. As covered by Barron’s, the episode revealed how extreme short interest, margin lending, and clearing mechanics could amplify volatility, forcing brokers to halt trading and drawing intense regulatory scrutiny. However, since then markets have adjusted. Settlement times have been shortened from T+2 to T+1 to reduce clearing risk, brokerages have scaled capital and risk infrastructure to handle retail-driven surges & hedge funds now actively track retail flows to identify squeeze risk earlier. Retail trading remains elevated, but institutions are better equipped to manage and price that volatility. While the meme craze allowed certain companies to raise billions and retail investors gained influence, power has largely shifted back to institutions. 

And finally… corporate governance should be more like professional wrestling

A public spat with Elon Musk has turned into a marketing and booking boost for Ryanair, reinforcing the idea that controversy can translate into shareholder value. After Musk publicly attacked CEO Michael O’Leary on X and threatened to buy the airline, O’Leary leaned into the feud rather than defusing it. Ryanair capitalised on the attention by launching a “Big idiot sale”, offering 100,000 discounted seats. The airline said bookings during a typically slow post-holiday period rose by as much as 3%, while the promotion attracted up to four million visits. The episode highlights how high-profile online disputes (particularly those involving Musk) can generate commercial impact, underscoring how market sentiment is increasingly shaped by attention and narrative rather than fundamentals alone.