Muted volume, green shoots in IPO market.
1H23 IPO issuance more than doubles y/y.
Most active month since November 2021.
ECM issuance limited ahead of earnings.
Early March momentum halted by regional bank crisis.
An uptick in issuance as issuers begin to test the market.
Quiet start to the year...
ECM Annual Recap.
Modest December caps off lackluster year for US ECM.
All sectors were active as market rally continues.
Biotech issuance resilient amidst market volatility.
Growing macroeconomic uncertainty thwarts a recovery in ECM issuance in Setpember.