Global ECM meets with triumph and disaster in volatile first half
- Editor
- Jun 25
- 2 min read
Whats Happening:
Global equity capital markets experienced significant volatility in the first half of 2025. After a strong start, markets collapsed in April due to global tariffs, marking the worst month for ECM since October 2011. However, May 2025 saw a dramatic rebound with issuance surging 2.4x month-on-month, mirroring a rally in global equity indices.
Key Moves:
ECM issuance totaled USD 381.2 billion in 1H25, up 3% from 1H24
Americas led global issuance with USD 190.6 billion, followed by APAC at USD 114.5 billion
Hong Kong new listings surged to USD 12.8 billion in 1H25, up from USD 1.8 billion in 1H24
By The Numbers:
Global ECM issuance: USD 381.2 billion in 1H25
Americas issuance: USD 190.6 billion
APAC issuance: USD 114.5 billion
Key Quotes:
"It's been a rollercoaster first half of the year in global equity markets, with the early momentum curtailed by tariffs in April, leading to the worst month for ECM in over a decade." - Samuel Kerr, Head of ECM at Mergermarket
"The remarkable bounce back in May, however, shows how quickly both investors and issuers are adapting to a world of acute geopolitical volatility." - Samuel Kerr
"If the first half of 2025 shows us anything, it is that sentiments can turn in an instant, so issuers and investors will need to be on their toes for the rest of the year." - Samuel Kerr
Bottom Line:
The global equity capital markets demonstrated resilience in the face of significant volatility during the first half of 2025. Despite a major setback in April, the markets rebounded strongly in May, showcasing the adaptability of investors and issuers to geopolitical uncertainties. With total issuance up 3% year-on-year, the ECM landscape remains dynamic, with regional variations and sector-specific trends shaping the market's trajectory.
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