Just wanted to check in on this as I'm in a Cap Markets focused group and things are sleeeeepy. Let us know what industry and/or product type you're focused on.
I do FIG (diversified), almost 100% focused on capital markets. Haven't even discussed any potential IPOs recently and follow-on offerings have slowed considerably. We've kept a bit of momentum on the private placement side but nothing like the peak of 2021.
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MM Tech M&A. Staffings are definitely coming to halt, some of my processes that are kicking off are considering waiting for a few months to launch. Could be a quiet summer…
can you or someone fill me in on why tech specifically is hurting a lot ? is it just not a good time for tech companies to aggressively buy out other companies, and ipo, etc.
Regarding M&A, not many tech companies keep cash on their BS. Why do that when they're in growth mode? And why would they IPO at a discount?
I think sentiment across the board is that we're in a period of re-pricing due mostly to rising inflation and interest rates, coming off of record highs for valuations/multiples. As far as public equities go a lot of investors want to let the dust settle a bit before they dive into growth stocks still trading and historically high multiples. Clients understand this and may feel they'll get better terms if they wait until some of the uncertainty/apprehension alleviates.
I think it’d be best to compare deal flow to 2019/beg of 2020 rather than to compare to the heater 2021 was.
Wondering too
Bump
Energy cap markets - deal flow’s the best it’s ever been
telecom, hella flow
Predominantly M&A activity? Any slowdown in ECM? And when you say telecom are you talking Verizon/ATT telecom or broader Technology?
Verizon/ATT type M&A activity is pretty non-existent due to already being at max consolidation - most of the action is in the communications sector. Fiber / Connectivity / Data Centers type of 5G stuff. ECM / LevFin pretty dead but M&A is crazy in the sector
MM healthcare services M&A we are very busy
EB TMT group. We got lots of deals.
Mostly M&A? Seen a slowdown in ECM activity? Interesting.
APAC BUSY
EVERYONE IS SO BUSY even though deal activity is at historic lows.
With what? Just constant pitching and trying to come up with new ideas for clients because MDs want to look like they've "got a couple of balls in the air"
For real. Some people just really want the guise of getting crushed
Levfin. Very slow.
Rx - definitely heating up. Not a ton of new downgrades but yields are shooting up all over the place rn. Prob will take a few months to materialize, but we are predicting lots of companies having difficulties refinancing/securing capital with rates going up.
Credit has been cheap for so damn long and its hard to believe companies won’t be affected by money being more expensive. Lots of companies having a hard time passing through rising input costs/dealing with supply chain issues too.
Healthcare, pretty strong deal flow. Little capital markets, but a lot of M&A as big buyers and sponsors are looking to buy smaller companies, especially in services and biotech
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