JP Morgan tops global league tables.

Despite a weaker third quarter, global equity issuance is still up on an annual basis — and debt market activity remains stronger too, according to LSEG Data & Analytics.

Through the first nine months, equity capital markets activity totalled US$444.9 billion, up 8% from the same period last year, the firm reported.

The number of deals was down 3% year over year, LSEG noted, and third-quarter deal activity was down 23% from the second quarter.

The global initial public offering market remains weaker, with deal activity down 24% compared with last year, to US$70.1 billion — representing the weakest level since 2009. Meanwhile, the value of secondary offerings was up 20% from last year, to its highest level in three years, and the number of deals increased by 4%, the report showed.

Global convertible offerings were also up from 2023, with new issues totalling US$79.4 billion in the first nine months of the year, up 5% from a year ago.

Overall, the U.S. market has driven global equity issuance this year, with the total proceeds up 47% from last year, offsetting a 62% drop in new issue activity in China, LSEG reported.

JP Morgan returned to top spot in the global equity underwriting league tables, pushing Goldman Sachs & Co. back to second place. Morgan Stanley, Bank of America Securities Inc. (BoA) and Citi rounded out the top five.

JP Morgan also led the debt underwriting league tables, followed by Citi, BofA, Barclays and Morgan Stanley. RBC climbed one spot to 12th place globally, while TD ranked 17th, up from 21st place globally in 2023.

Alongside the rebound in equity markets, debt issuance was also up 18% in the first nine months of the year, to US$8.3 trillion. The number of new offerings was up 9% compared to the first nine months of 2023, LSEG said.

In the third quarter, debt issuance rose 5% from the previous quarter, which represented the strongest third quarter on record, the firm noted.

LSEG reported that investment-grade debt issuance is also at record levels through the first nine months of the year, up 19% to US$4.1 trillion.

As well, global high yield debt issuance surged to US$320.6 billion during the first nine months of 2024, up 86% from the same period a year ago.

Green bond issuance was also strong, through the first nine months to US$380.5 billion, the report said. The number of green bond deals was also up 23% year over year, it noted.