Report
Q1’22 –Investment Banking Update
This Q1 2022 investment banking update highlights a challenging environment for capital markets, particularly in equity issuance. Global equity offerings fell below USD 200 billion for the first time since Q1 2020, with the U.S. experiencing the sharpest decline as proceeds dropped 86% year over year and represented only 15% of global activity. Global IPO proceeds decreased 62% to approximately USD 40 billion, returning to pre-pandemic levels, while U.S. listings declined 95% and the New York Stock Exchange recorded no new listings during the quarter. Secondary and convertible offerings also saw significant declines. In contrast, the debt market demonstrated greater resilience, with global debt issuance declining only 7% year over year to around USD 2.5 trillion. Although market conditions
