August US ECM Activity: Signaling a Rebound or Pump Fake?
August is historically a slow month for the US ECM market but that wasn’t the case this year. CMG data shows that August ECM dollar volume amounted to $12.9B, making it the second most active month of the year, behind only January’s $13.98B. August had the highest number of completed deals this year with 89 deals priced in the month (excluding SPACs), which was nearly 50% greater than the next best month (March). This also compares very favorably to last August’s total of 85 priced deals that occurred during an extremely robust ECM environment.
Healthcare was a standout sector last month with 40 priced offerings that constituted 45% of the total deal volume across sectors. CMG data shows that this trend is above the average number of deals for the sector considering that ~31% of all priced offerings (year to date) were Healthcare deals.
In terms of dollar volume, the largest deals that priced in August were TC Energy (TRP) with a $1.4B registered block, Charles Schwab (SCHW) with a $895M unregistered block and Karuna Technologies with an $863M marketed follow-on. These three offerings constituted ~24% of all dollar volume for the entire month.
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