While Equity Capital Markets remain below where some might like them to be, big deals in the US and Europe have started to sow seeds of optimism that there are better times ahead.
Issuance volumes of over USD 470bn so far in the first nine months of 2023 means global issuance sits 3% higher than at the same stage last year, with Americas exchange activity up 37% from this point in 2022. Volumes for EMEA and APAC have shrunk in 9M23 compared to 9M22 though, according to Dealogic data.
The USD 5.3bn IPO of Arm Holdings [NASDAQ:ARM] was the largest deal of 3Q and the largest US deal so far this year. While the stock has been volatile since pricing, the fact the long-awaited deal was done at all is still deemed a positive by many deal-starved ECM practitioners.
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