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Global Markets Rankings for First Half 2023

Global Markets Rankings for First Half 2023 Our half year rankings are now available. ECM Rankings 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. View Report M&A Rankings Global M&A during the first […]

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M&A Highlights: 1H23

Mergers and acquisitions during the first six months dropped 40% globally to USD 1.34tn compared with the same period a year ago, as central banks continued to raise interest rates to tame inflation in the face of several bank failures. Investment bankers suffered a 37% drop in worldwide revenue from advising on M&A transactions in […]

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ECM Highlights: 1H23

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 […]

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LevFin Highlights: 1H23

Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets totalled USD 287bn in the first half of 2023, falling just 8% shy of the volume raised in 1H22. Nevertheless, the figure doubled from just USD 143bn raised during 2H22, bolstered by a strong rebound in HY activity on […]

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Global Markets Rankings for First Quarter 2023

Global Markets Rankings for First Quarter 2023 Our quarterly rankings are now available. ECM Rankings Q1 2023 global issuance volume saw an 18% improvement on the last quarter of 2022 View Report M&A Rankings Global M&A volume totaled USD 582b, down 48% year on year and 27% lower than the Q4 2022 View Report DCM […]

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ECM Highlights: 1Q23

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 […]

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M&A Highlights: 1Q23

Just when many thought a corner had been turned, global dealmaking plumbed another low in the first quarter. Rumblings of recession have only become louder, the world’s top central banks continued raising interest rates in March to tamp stubbornly high inflation, and some of the biggest bank failures since the Great Financial Crisis of 2008-09 […]

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LevFin Highlights: 1Q23

Leveraged finance (LevFin) issuance across the US and European institutional loan and high-yield (HY) bond markets totalled USD 126bn in year-to-date (YTD) 1Q23, marking a 37% decline from the same period a year ago, but a 56% rise on 4Q22. Bullish sentiment to start of the year, underpinned by expectations of a softer economic downturn […]

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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 […]