Companies raised a record $12.1tn in 2021 by selling stock, issuing debt and inking new loans, as a torrent of central bank stimulus and the rapid recovery from the pandemic propelled many global markets higher.
With a few days still left in the year, the cash haul is already up almost 17 per cent from 2020, which was itself a historic year, and almost a quarter above the take in 2019 before the coronavirus crisis, according to Financial Times calculations based on Refinitiv data.
The ferocious pace of fundraising underscores just how easy financial conditions are in many parts of the world, most notably the US, where more than $5tn was raised.