When large investment banks report results for the first quarter of 2021, any of them that delivers weak revenues from equity capital markets (ECM) should brace for a backlash.
Dealogic numbers show that by mid March issuers had launched 557 IPOs worth $157 billion this year. Citi notes that a usual year would see around 100 to 200 by this point. They are a bigger source of revenues than M&A or debt capital markets (DCM).
The largest market has been the US, which accounts for $100 billion of that total with 303 deals.
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