SPACs dominate US ECM in new year

摘要

It may be another symptom of easy money but SPAC issuance continues to impress in the early weeks of 2021. Investors last week poured US$7.2bn into 25 IPOs as a follow-up to the US$7.3bn raised in the first week of the year, taking year-to-date issuance to US$14.5bn. In addition, there is US$15.7bn of potential issuance in the active backlog, according to IFR data. There are no signs deal flow will slow any time soon. If anything, the new issue market is heating up.