IFR's Europe, Middle East and Africa ECM Roundtable was held on June 25 just as Greece had caused European debt issuance to slump. Yet this was an upbeat discussion held amid a flurry of issuance. It would be easy to deduce that the macro problems affecting debt markets in 2015 had similarly infiltrated equity capital markets in EMEA considering the year-on-year drop in issuance. Volume figures for the first half of 2015 showed a 17.8% drop in ECM issuance in EMEA versus the same period of 2014, and a 20.5% fall for IPOs. Rights issues and equity-linked volumes were both down over 40%.
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