Equity capital markets bankers are breathing a collective sigh of relief after a flood of recent deals produced a welcome turnaround for the asset class that last year suffered its worst year for underwriting fees since 2003. A flurry of deals including a €13bn rights issue from UniCredit and the US$3.4bn listing of Snap have swelled ECM team coffers, earning banks US$5.3bn in underwriting fees for the quarter - almost double what they brought in a year ago.
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