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Global ECM Volume by Region: August Comparison

September 1, 2016

By Chris Wright

58%: Global ECM volume up from August 2015

Global ECM volume totaled $57.9bn via 401 deals in August 2016. This is up 58% from $36.7bn (279 deals) in August 2015 and the highest August total on record, surpassing the previous high of $48.8bn set in August 2012 (285 deals).

Volume was up across all products. IPO volume of $7.3bn via 70 deals increased from only $2.7bn (43 deals) in August 2015. $6.0bn of IPO volume (56 deals) was priced by Asia Pacific issuers. Follow-on volume was up 30% from August 2015 to $42.2bn, while convertible issuance jumped to $8.4bn from $1.6bn in the same month last year.

US and Asia Pacific ECM at August record highs

US issuer ECM volume totaled a record high for August in 2016. US volume increased for the second consecutive August from $9.5bn in 2014 to $23.7bn in 2016. Volume in August 2016 was led by 28 bought deals raising $11.5bn, the highest monthly volume and activity since March 2015 ($15.8bn from 40 deals).

Asia Pacific ECM volume increased for the fourth consecutive August from $9.3bn in 2013 to an August record high of $25.7bn in 2016. Cash placings accounted for 50% of volume with $12.8bn via 114 deals, the highest monthly activity since December 2015 (129 deals raising $17.3bn) and over double the August 2015 total of $6.0bn via 50 deals.

European ECM volume, however, declined 22% from $5.8bn via 32 deals in August 2015 to $4.5bn, despite an increase in activity over the same period to 46 deals.

11 $1bn+ ECM deals priced in August 2016

An August record high of 11 $1bn+ ECM deals priced globally, raising $16.0bn. The largest deal came from one of seven US issuers, DISH Netwok Corp, a $3.0bn convertible on August 3, via sole bookrunner Deutsche Bank, the largest ECM deal on the Nasdaq since the $3.9bn follow-on from Facebook in December 2013. DISH Netwok Corp was followed by the only European $1bn+ entry, Melrose Industries, with a $2.2bn follow-on via bookrunners Investec, JPMorgan, and Bank of America Merrill Lynch on August 24.

Deutsche Bank: top ECM bookrunner for the month

Deutsche Bank led the global ECM bookrunner ranking in August 2016 with an 8.8% market share ($5.1bn via 12 deals). JPMorgan ranked second with 7.8% and Bank of America Merrill Lynch completed the top three with a 7.3% market share.