Global equity and debt market activity edge higher

Despite continued weakness in initial public offerings (IPOs), global equity issuance is up this year, according to new data from Refinitiv.

Through the first nine months of 2023, global equity market activity rose by 8%, compared with the same period last year.

Both the volume and value of deal activity increased 8% year over year, with issuance reaching US$402.9 billion as of Sept. 30.

Global secondary offering activity was up 16% to US$240.1 billion in the first nine months, with the number of deals up 13%.

Activity in convertible offerings was also strong, rising 44% from last year to US$72.4 billion.

However, the global IPO market remains weak.

Refinitiv reported that IPO activity was down 23% to US$90.5 billion, which marked its lowest level since 2016.

At the same time, the firm also reported that global debt capital markets activity edged up by 2% to US$6.9 trillion through the first nine months of the year.

Refinitiv noted that investment-grade corporate debt offerings were up 5% to US$3.4 trillion, while high-yield issuance jumped 51% to US$170.4 billion.

Additionally, green bond issuance was up 16% from last year to US$353.5 billion, according to data from Refinitiv and the Climate Bonds Initiative. The third quarter was weak, though, with green bond issuance dropping by 41% compared with the second quarter.

In the equity underwriting league tables, Goldman Sachs remained the top-ranked firm, followed by JP Morgan, Morgan Stanley and BofA Securities. CITIC rounded out the top five.

RBC Capital Markets was the highest-ranking Canadian firm, in 19th spot, with BMO Capital Markets in 24th place.

On the debt side, JP Morgan remains the leading firm. The rest of the top five was comprised of BofA, Citi, Barclays and Morgan Stanley.

RBC was the top Canadian firm for debt, too, in 14th place globally. TD Securities was the only other firm in the top 25, sitting in 21st position.

Staff

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