Global ECM activity up 9% with record first half
Equity capital markets activity totaled US$516.8 billion during the first half of 2015, a 9% increase compared to the first half of 2014 and the strongest opening six- month period for global equity capital markets issuance since records began in 1980. Second quarter equity capital markets issuance increased 8% compared to the first quarter of this year.
Follow-on offerings set first half record, up 22% from 2014
Global follow-on offerings totaled US$369.9 billion during the first half of 2015, an increase of 22% compared to a year ago and the strongest first half for follow-on offerings since records began in 1980. Offerings from companies in the United States accounted for 30% of global follow-on issuance, up from 29% during first six months of 2014. Follow-on offerings from banks, pharmaceutical companies and REITs accounted for 28% of first half 2015 capital raising.
IPOs fall 16%; US issuers down 35%, Asia Pacific at 4-year high
Initial public offering activity during the first six months of 2015 totaled US$100.2 billion, a decrease of 16% from last year and the slowest first half for global IPOs in two years. Issuers in China, United States, Spain and United Kingdom accounted for 64% of all activity during the first half of 2015.
China issuers account for record 17% of global ECM
Issuers from the China raised US$88.9 billion in the global equity capital markets during the first half of 2015, up 91% compared to a year ago and the highest percentage of global ECM since records began in 1980. Issuers from United States, which accounted for 29% of first half ECM activity, saw an increase of 9% compared to a year ago.
Five sectors account for two-thirds of activity
Led by Financial issuers (23%), the overall volume of equity capital markets activity remained highly concentrated among five main sectors including Healthcare (12%), Energy and Power (11%),and Industrials and Technology (9%).
Goldman Sachs tops global ECM rankings
Goldman Sachs led all equity capital markets underwriters during the first half of 2015, with US$47.5 billion in proceeds from 200 issues, despite a loss of 0.3 market share points compared to a year ago. JP Morgan moved into second place, and Morgan Stanley, which gained 0.4 market share points during the first half, moved into third place from fourth in overall ECM during the first six months of 2014.
ECM fees decline 5%
According to estimates from Thomson Reuters/Freeman Consulting, fees from equity capital markets transactions during the first half of 2015 totaled US$11.4 billion, down 5% compared to levels seen during the first half of 2014.