In Q1 of 2022, CMG XCTM tracked 162 live offerings (excluding SPACs); 135 of which have come in the form of follow-ons (84%).
Despite increased market volatility and the rising interest rate environment, ECM is seeing strong activity in the form of unregistered blocks compared to Q1 of prior years.
Not all follow-ons are created equal, as market data from CMG DataLab™ ™ shows positive performance from a select few sectors that have outperformed the rest of the market in 2022. Utilities, Energy and Basic Materials are showing strength on an offer to current basis (mean), where the remaining sectors are posting negative returns.
The recent spike in oil and gas prices may partially justify the relative outperformance of some of these sectors. It will be interesting to monitor these sectors along with unregistered block activity to see if these trends are sustainable throughout 2022.
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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.
