Global fundraising in capital markets shrivelled by more than $900bn in the first quarter from the same period in 2021 as surging inflation, war in Ukraine and volatile asset prices delayed stock listings and hampered bond deals.
Businesses raised $2.3tn in the first three months of the year through equity sales and new borrowings in bond and loan markets, the smallest sum in six years and down from more than $3.2tn from a year ago, according to data provider Refinitiv.
Bankers and investors say the drop-off in activity stems from dramatic swings in global stock markets and the start of interest-rate rises from the Federal Reserve, which has prompted money managers to shy away from riskier investments and high-flying stocks.
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