July 2015 Analysis

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Corporate Financing Analysis - US Witnesses Its Own Lock-Up Expiry Period In H215 - 27 JULY 2015

Activity in the US equity capital market (ECM) has started off H215 in the same manner as it closed the first half, with plenty of deals. In the same vein as the European ECM market, we point to activity in the secondary market being driven by a large number of initial public offering (IPO) lock-up periods reaching maturity following their predetermined 90 to 180 prohibited stock selling peri...

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Corporate Financing Analysis - The Great European Lock-Up Expiration Of H215 - 20 JULY 2015

The European IPO arena may be disappointing underwriters this year (activity is down 20.8% y-o-y, according to Thomson Reuters data), but the secondary market is about to get a much-welcomed injection of liquidity in the second half. To be sure, a glut of European initial public offering (IPO) lock-ups will be passing their expiration dates and unloading upon the market in H215. While lock-ups...

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Corporate Financing Analysis - A Moment In The Sun For US IPOs - 13 JULY 2015

The second quarter of 2015, and in particular the month of June, was a period to remember for US floats. After a sluggish start to the year, which saw activity slump to its lowest level in two years, initial public offering (IPO) activity in Q215 returned to former highs. According to Renaissance Capital data, the three-month period between April and June saw as many as 67 firms go public...

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