3Q ECM volumes suggest markets will remain shut
A 57% drop in IPO activity drags down overall ECM volumes and revenues in the region year-to-date, although capital raised from rights issues more than doubles.
It will come as no surprise to anyone following the equity capital markets that nine-month volumes are sharply down from last year and that the activity in the third quarter was the poorest in years.
The credit crunch, now about a year in the making, has prompted asset managers across the globe to switch into cash and approach new issuance with the highest level of caution, leaving demand at rock-bottom and resulting in a record number of IPOs being...
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