Insight
DCM Highlights: 1Q23
Global bond issuance plummeted in 1Q23, with soaring interest rates and bouts of market volatility beating down demand for fundraising and refinancing despite a recovery in investor appetite for credit earlier in the year. Issuance for the first quarter stands just shy of USD 1.72trn, a decade-low for debt capital markets (DCM) activity in the […]
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Loan Highlights: 1Q23
Standing in stark contrast with the previous two years of strong first-quarter issuance, global loan volumes in 1Q23 contracted to levels not seen for over a decade, reaching just USD 637bn – a marked fall from an average of USD 930bn in the same period over the previous 10 years. While the Americas recorded one […]
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Global Markets Rankings for Full Year 2022
Global Markets Rankings for Full Year 2022 Our quarterly rankings are now available ECM Rankings Q4 2022 global IPO volume plunged to the lowest quarterly level since Q1 2019 View Report M&A Rankings Global M&A volume down 36% to $3.78tr from $5.91tr View Report DCM Rankings DCM Rankings dominated by JPMorgan Globally and in Americas, […]
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LevFin Highlights: FY22
All data is correct as of December 19 2022. Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets totalled USD 444bn in the year-to-date, in stark contrast to the record-high USD 1.58trn raised in 2021. The 72% year-on-year (YoY) plunge in loan and bond volumes came as challenging […]
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ECM Highlights: FY22
All data is correct as of 19 December 2022. Global Overview: Annus Horribilis What a difference a year makes. At the end of 2021, global equity capital markets looked back on twelve months of plenty. In comparison, 2022 has been a year of famine. Global ECM issuance dropped to USD 127bn in Q4, wrapping up a […]
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LCM Highlights: FY22
Despite a gathering storm of macroeconomic clouds, global loan issuance managed to keep afloat in 2022. Loans in 4Q22 reached only USD 856bn, significantly short of recent averages. However, considerable activity in the Americas over the course of the year bolstered the total value of loans raised in the year to date (YTD) to USD […]
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DCM Highlights: FY22
All data is correct as of 19 December 2022. Issuers retreated from global bond markets in their droves during 2022, with borrowers opting to reduce fundraising as rising interest rates brought the era of cheap debt financing to an end. Wider market volatility, triggered by high inflation and the prospect of a global recession taking […]
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M&A Highlights: FY22
All data is correct as of 19 December 2022. Deep Impact: Global M&A plummets in 2H22 After the party, comes the hangover. Rising interest rates, surging inflation and war in Europe have given global dealmakers a thumping headache. Worldwide, mergers and acquisitions totalled USD 3.6trn in 2022, down 38.8% from 2021’s record-smashing USD 5.9trn. Compare […]
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Loan Highlights: 3Q22
Troubled waters: global loans struggle to stay afloat in third quarter Global loan market activity continued to battle macroeconomic headwinds in 3Q22, reaching only USD 792bn of total issuance, down 35% from the same period last year. The quarterly figure is the second lowest in the past decade, exceeding only the USD 700bn raised during […]
Insight
Investment Banking Revenue Report: 9M22
Global investment banking (IB) revenue nosedived in 9M22, battered by market volatility brought on by geo-political tension, surging inflation, soaring interest rates, and dampened corporate ardor. As mergers and acquisitions (M&A), equity capital markets (ECM) and fixed-income volumes and deal count cratered, so IB fees were down 39% in the year to date (YTD; to […]