Investment bankers’ fees slumped 50 per cent in the first half of the year, marking their worst six-month year-on-year showing in five years, but a series of non-deal roadshows for initial public offerings provide a sliver of hope bigger paydays are on the horizon.and a 60 per cent fall in fees from completed mergers and acquisitions were the most noticeable factors across investment banks, which have axed hundreds of jobs at offices around the world.
Australia’s equity capital markets raised $US7.2 billion in the first half, which was actually 13 per cent more than last year, as listed companies tapped investors for funds to support acquisitions.in February was the largest transaction to date in 2023, followed by an $800 million raise by Star Entertainment in March and a $774 million placement for infrastructure investor Infratil in June, the Dealogic data revealed.
“The deals which have been done are probably towards the larger end. Deal count is a bit down on what we have seen historically. But what we typically see is a slight bias towards second half issuance,” said Matthew Beggs, UBS’ head of equity capital markets for Australia and New Zealand.
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