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Equity offerings hit record highs
Tue, Oct 20 2009, 09:32 GMT
by Economic and Strategy Team
The normalization of credit markets continues to trickle down the economy. A year ago, equity offerings (initial and secondary) slowed to a crawl in the midst of the global credit crisis. In Canada, the months of August to October 2008 saw the lowest level of equity offerings in nearly a decade (less than $400 million/month). The situation was similar south of the border: In October and December 2008, there were no IPO at all in the U.S. (a first since September 2001). Things have improved dramatically in recent months on the back of forceful government actions that have succeeded in reassuring investors about the economic outlook.
As today’s Hot Chart shows, investors' risk tolerance has sharply increased over the past six months as evidenced by a strong demand for equity offerings. Over the period, equity offerings totalled $20.4 billion in Canada, and $131 billion in the U.S., a new record high in both cases. It should also be noted that investors have been handsomely rewarded for taking more risk. Since the beginning of the year, the Bloomberg IPO index (which tracks last 12 month’s U.S. IPOs) gained 39.4% while the S&P 500 composite advanced 21.7%.
Published on Tue, Oct 20 2009, 09:33 GMT
National Bank of Canada
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Legal disclaimer and risk disclosure
This presentation may contain certain forward-looking statements about the 2009 Economic and Financial Outlook. Such statements are subject to risk and uncertainties. Actual results may differ materially due to a variety of factors, including legislative or regulatory developments, competition, technological change and economic conditions in Canada, North America or internationally. These and other factors should be considered carefully and readers should not rely unduly on National Bank of Canada’s forward-looking statements. This presentation may not be reproduced in whole or in part, or further distributed or published or referred to in any manner whatsoever, nor may the information, opinions or conclusions contained in it be referred to without in each case the prior express consent of National Bank.Related reports
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