Global equity capital markets started off the year with a sense of cautious optimism but, like Judith Kerr’s Tiger Who Came to Tea, the equity bear is refusing to leave, causing disruption to market players and gobbling up anything it finds.
The first quarter saw around USD 153.2bn* worth of global issuance volume, an 18% improvement on the last quarter of 2022 but still 7% below 1Q22, when Russia invaded Ukraine.
The scarcity of deals in the beginning of the year puzzled many bankers, given that between October 2022 and the beginning of March 2023, stock markets were largely rising, with the crucial equity benchmark S&P 500 up around 13% over that period.
Getting deals done proved tough for ECM issuers, who held back in many cases instead of paying the heavy discounts demanded by an investor base who did not seem to believe the rally.
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* Powered by Dealogic data, ECM Highlights reviews equity capital markets activity across Americas, EMEA and APAC in 1Q23. All data correct as of March 31.
