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.
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