Powered by Dealogic data, ECM Highlights reviews ECM activity across Americas, EMEA and APAC in 1H23. All data correct as of 1 July 2023
Global ECM: A bull no one trusts
A global rebound in stocks has not fed through to equity capital markets issuance, with volumes in 1H barely hovering above the second half of last year.
US equity indices entered new bull markets in 2Q after rising 20% from previous lows in October 2022 but global ECM volume failed to move in line with this exuberance.
Total global deal volume of USD 320bn was higher than the USD 304bn in the first half of 2022, in itself a tame year, yet still in stark contrast from the heady days of 2021 when almost USD 1trn was printed in the first six months of the year alone, according to Dealogic data.
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