New issuance market activity slowed during Q3 as 180 total deals came to market for $52.1B in combined proceeds, witnessing a decline of 29.4% in deal count and 14.3% in proceeds when compared to the last quarter.
The new issuance market continued its solid growth from last year, as the second quarter priced a total of 233 deals for $60.7B in combined proceeds, increasing from the 181 deals for $55.2B in proceeds posted in the second quarter of 2016.
The new issuance market began the year on a more upbeat note from the prior-year’s 108 deals and $41.4B in proceeds, welcoming 228 deals that generated $64.8B. In addition, Q1 saw an uptick in deal count and proceeds from the previous quarter’s 184 deals for $49.5B in proceeds.
In total, Q4 saw 184 deals for $48.8B in proceeds, slightly below of Q3’s 191 deals for $65.0B in proceeds. However, the quarter outpaced the 129 deals for $43.0B seen in prior-year period. Separately, the quarter’s IPO deal count increased to 25 for $7.2B in proceeds, just above (in terms in proceeds) the prior quarter’s 26 deals and $5.9B in proceeds. Finally, Q4 follow-ons and block trades accounted for 141 of the total deals for the quarter and generated $36.4B.
In total, Q3 saw 191 deals for $65.0B in proceeds, slightly ahead of Q2’s 182 deals for $55.2B in proceeds; additionally, the quarter outperformed the 154 deals for $38.3B seen in Q3 2015. Separately, the quarter’s IPO deal count increased to 31 for $6.2B in proceeds, just above the prior quarter’s 26 deals and $5.9B in proceeds. Finally, Q3 follow-ons and block trades accounted for 133 of the total deals for the quarter and generated $43.7B.
The second quarter of 2016 saw a total of 182 deals come to market for proceeds of $55.2B, an uptick from the first quarter’s 108 deals for $40.7B but a significant decline from the prior-year period’s 276 deals for $80.9B. Furthermore, the second quarter saw a sizable jump in IPO as 26 new issuers made their market debuts and generated $5.9B in proceeds, following a dismal first quarter in which just 6 issuers made their public debuts for $569.6M.