July marked another tepid month of ECM issuance with only 34 offerings and $4.7B in capital raised. Block volume has been consistent YTD and that stayed true in July. Blocks comprised 11 of the 34 offerings and raised $3.0B or 62.5% of the total capital raised in July.
To put 2022 issuance in perspective, the charts below compare last year’s top 10 banks (by total fees and wallet share) through July to this year’s. In 2021, Goldman Sachs captured nearly 14% of ECM wallet share, with Morgan Stanley and J.P. Morgan both capturing just over 12%. Through July of this year, J.P. Morgan has captured nearly 14% while Goldman Sachs and Morgan Stanley have captured less than 10%.
Through July, RBC Capital Markets, Evercore ISI, and BMO Capital Markets all cracked the top 10 list by wallet share.
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