European IPOs are back in full swing and there are few deals more topical than the IPO of German defence contractor Renk. However, some investors still see arms-related stocks as an anathema:

The benchmark US IPO of Arm in September is likely to be the global ECM highlight of 2023, but it is also a benchmark moment for European semi-conductors in the global battle for sector dominance:

Europe’s large IPO market performance is statistically flat for the year, down around 0.2% on a weighted basis. Not outstanding, by any means, given the benchmark European Stoxx 600 index is up around 6% YTD. More here:

When the CNY 65bn (USD 9.13bn) domestic IPO of Syngenta Group comes, it will almost certainly be the country’s largest listing after the Agricultural Bank of China’s USD 22.12bn flotation in 2010:

Market signals point to a positive backdrop for ECM deals in September, but many IPO issuers will decide to wait for a better window. Yet, as we can see with the listing of Porsche last year, great companies can achieve a great outcome in poor markets: https://t.co/mtf4QLcUC4

A few months ago, French equity capital markets were gearing towards a benchmark IPO in 2H. The expected listing of Renault’s EV unit Ampere, is unlikely to happen until at least 2024, meaning attention has now turned to smaller candidates: https://t.co/lbPToxHKW8

ECM activity in European defence stocks has diminished in the past few years, largely due to governments stalling sell-downs in state-owned defence contractors. However, there are equity finance opportunities out there, particularly to fund growth and M&A:

LevFin issuance across the US and European institutional loan and high-yield bond markets totalled USD 287bn in the first half of 2023, falling just 8% shy of the volume raised in 1H22. Nevertheless, this doubled from just USD 143bn raised during 2H22: https://t.co/lLGDjpblnT

The ebullient investor reaction to German hydrogen company Thyssenkrupp Nucera shows that Europe’s IPO market is open, but perhaps only for green issuers: https://t.co/JsAfY0xdkh

In still tricky market conditions, Goldman Sachs has worked hard to finish the first half of the year as top of the EMEA ECM class, but two of its largest competitors are close behind. Bank of America and Morgan Stanley remain in the hunt for the top spot: https://t.co/LkTOz0NCP2

A global rebound in stocks has not fed through to equity capital markets issuance, with volumes in 1H barely hovering above the second half of last year. Check out our ECM Highlights 1H23 here: https://t.co/2DLFuLEEIY

Governments across EMEA are returning to equity markets to sell state assets with new markets opening for investors. Before the GFC, European governments regularly turned to equity capital markets to sell-down stakes in state-owned assets to raise funds: https://t.co/Tg1qB67roA

Equity capital markets in Europe are heating up in a wave of issuance before the summer break, but advisers are less optimistic about the end of the year as tailwinds push benchmark IPO candidates such as Ampere into 2024:

A fresh series of deals is once again showing the opportunities equity markets can provide for green issuers. Several rights issues and convertible bonds priced earlier this year; now, two live IPOs are rescuing deal volumes amid gloomy market sentiment: https://t.co/C3KT3kgIyH

A power shift in Southern European IPOs from Iberia to Italy has shown little sign of slowing down with the country now one of Europe’s hottest IPO markets: https://t.co/SHmPleeeUV

We Soda’s decision to abandon its London listing last week perpetuates Europe’s endless IPO malaise. But with primary and secondary follow-ons flourishing, there are bright spots ahead: https://t.co/OWBPFmzEdP

The latest Abu Dhabi National Oil Company subsidiary listing is fueling hopes for more issuance in the Middle East. However, as issuers ponder challenging market conditions, GCC countries that were previously lagging in ECM activity are coming to the fore: https://t.co/yAH7BqYsAK

Europe’s IPO pipe is in flux again after a disappointing start to the continent’s third major IPO of the year, Italy’s Lottomatica, calling into question how low can valuations go to get investors on board:

Tech giant Alibaba is looking to shake things up after announcing in late March a restructuring that will split the group into six independent entities, each of which with its own board of directors and potentially going public separately: https://t.co/t2bV0XGRbU

Equity capital markets in EMEA are open again after a huge EUR 1.4bn block trade in German auto-maker Mercedes-Benz priced last week: https://t.co/xK7fTrSrbp