After a relatively quiet couple of months in Europe, in which the volume of new equity capital market deals fell to less than half the January and March highs of about $21 billion, the volume of new deals took off again in June. In the first three weeks of June nearly $18 billion of deals took off, equivalent to the volume of the previous two months combined, led by large well-flagged privatization sales for France Telecom and Deutsche Post.
“Post the drop in equity markets in mid March and the credit market correction in May, markets have changed and have a much better feel,” says Ed Sankey, head of the European syndicate at Deutsche Bank.
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