U.S. ECM activity in August totaled $15.1B via 30 offerings, a 43.1% increase in dollar volume compared to August 2023. Blocks contributed $13.4B, or 88.3%, of this month’s dollar volume, a watermark not seen since November 2021 ($16.8B). Unregistered block volume alone was the second highest on record ($8.2B vs $8.3B). August blocks traded up 3.1% on Day 1 on a dollar-weighted basis and had a file-to-offer discount of 3.9% on average.
The unregistered block for JD.com on August 20th raised $3.6B and outshone other blocks in both size and performance, trading up 8.3% on Day 1. JD.com was the largest deal of its kind on record.
In August, we witnessed the highest monthly dollar volume of clean-up trades since March 2011, with 3 blocks totaling $5.9B, JD.com included. With $16.6B, 2024’s current total volume for clean-up trades already exceeds every year’s total excluding 2018 ($17.0B).
August spike in unregistered block activity driven by clean up trades.
Contact [email protected] to request a demo.
This information provided is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. You should not act or refrain from acting on the basis of any of this information. Past performance is no guarantee of future results. CMG shall have no liability whatsoever for your use of this information.
