First quarter capital markets: Hot gravy train begins to slow

The bankers all have jet lag. That sums up the offerings market for the first quarter, as bankers just about had time to finish one road show, kick off another deal, and decide on a third.

Biotech companies raised a total of $2 billion in the quarter. That figure includes $995 million in follow-on offerings, $491 million in initial public offerings, $373 million in other financings by public companies, and $95 million in venture money...