FOLLOWING THREE LEAN years, equity capital markets bankers today find it hard not to smile as they predict a massive increase in new equity issuance this year. The robust primary market recovery began in the fourth quarter of 2003. It looks set to continue. “Total issuance can only be higher than last year,” says a European head of ECM. No-one doubts that. But the estimates for just how much higher vary between 15% and 50% in Europe.
The confirmed backlog for US issuers at the end of 2003 already showed 77 deals in the pipeline, expected to raise $12 billion, compared with 32 deals worth $4.4
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