Pause for politics
Why global financing activity should cool off in 2H18
The near record-setting pace of 1H18 capital markets activity isn’t likely to be replicated this half, but that won’t be because of changes to sector fundamentals. Instead, it’s likely the consequence of macroeconomic and geopolitical market uncertainty coupled with a calendar that leaves fewer available days to execute deals.
The confidentially filed IPO queue remains full of high-quality candidates that bankers said should have no problem getting out. And there isn’t any lack of capital. Despite missing buyside expectations, M&A activity in 1H18 recycled more than $50 billion into the space and has provided investors with plenty of dry powder...