Dealogic 2024 Full-Year ECM Highlights: Year of recovery ahead of Trump 2.0

NEW YORK and LONDON, Dec. 17, 2024 /PRNewswire/ -- Dealogic, an ION Analytics service, published its 2024 Full-Year ECM Highlights report today marking a year of recovery for global equity capital markets, but threats of universal global tariffs by the incoming Trump administration could halt momentum next year.

Following two challenging years characterized by rising inflation, higher global interest rates, and geopolitical turmoil, issuance volumes surged to USD 741 billion in 2024, up 20% on 2023. The report shows that easing global inflation and the start of interest rate cuts from major central banks bolstered confidence among equity issuers and investors, making 2024 the strongest year for equity capital markets since 2021. The Americas, particularly the US, led the global resurgence with USD 366.7 billion in issuance, up more than 56% from 2023.

The mammoth capital raise of Boeing in 4Q24 consisting of a USD 18.5 billion follow-on and a USD 5.75 billion convertible bond deal boosted US volumes. A USD 9 billion capital raise by National Grid and a USD 12.5 billion share sale in Saudi Aramco showed market capacity for gargantuan deals, which will cheer listed issuers going into 2025.

In contrast, China saw an 81% fall in ECM volumes, reflecting the broader economic slowdown in the world's second-largest economy. The decline in China was offset by the rise of India which emerged as the best market in APAC and the second-best market globally after the US, with ECM transactions of USD 69.4 billion.

The health of the market next year, however, will be dependent on new US President Donald Trump's policies. Pro-business measures like those from his first term could boost global ECM, but proposed universal tariffs risk disrupting trade, as seen during his earlier term when US-China trade tensions caused a 15% Y-O-Y decline in 2018 ECM volumes following a 20% rise in 2017. A balanced approach will be key for sustained market growth.

Key takeaways from the 2024 Full-Year ECM Highlights include:

• Global ECM issuance surged to USD 741 billion, up 20% Y-O-Y as of early December.
• ECM issuance in the Americas stood at USD 366 billion, 56% higher than USD 233 billion in FY23.
• EMEA volumes rose by 19.8% Y-O-Y to USD 156.5 billion, up from USD 130.7 billion in 2023.
• Global IPO volumes were only slightly above last year's figures at USD 123 billion, due to a slowdown in APAC deals, impacted mostly by a lack of Chinese listings; America's IPO issuance was up by 63% and EMEA IPO volumes up by around 42%.
• Six of the top 10 largest IPOs of the year came from EMEA, but mid-cap deals struggled to get across the line.
• APAC ECM issuance was down 7.9%, driven by an 83% fall in mainland China A-share new equity issuance.
• India emerged as the best market for ECM deals in APAC and second best globally after the US, with ECM volumes of USD 69.4 billion, up 122% from 2023.

Samuel Kerr, Global ECM Editor at ION Analytics, says, "This has been a year of recovery for global equity capital markets, with issuance rebounding from two depressed years due to rising inflation, higher interest rates, and geopolitical instability. This growth was driven by deals in the Americas, particularly the US, with issuance up by 56% across the region. With equity markets responding well to the re-election of former President Donald Trump, there are hopes for an even better 2025. However, many market participants are highly unsettled by a protectionist incoming administration, as suggested by President-elect Trump's campaign rhetoric."

To request the 2024 Full-Year ECM Highlights report, click here.

**All data accurate as of 16 December 2024.

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About Dealogic

Dealogic offers integrated content, analytics, and technology via targeted products and services to financial firms worldwide. Whether working in capital markets, sales and trading, banking, or the buyside, firms rely on Dealogic's platform to connect and more effectively identify opportunities, execute deals, and manage risk. With 30 years' experience and a deep understanding of financial markets, Dealogic is a trusted global partner. For more information, visit www.dealogic.com

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SOURCE ION