Equity capital markets remained resilient to start 2026, demonstrating continued momentum despite a more volatile macro backdrop. The S&P 500 declined (4.6%), the Nasdaq fell (6.0%), and the Dow dropped (3.6%) year-to-date, driven by increased geopolitical tensions, inflation concerns and rate uncertainty. However, IPO activity accelerated, with 21 deals raising approximately $10 billion. Secondary markets were also active, with follow-on offerings raising $35 billion and block trades contributing $7 billion, while convertible offerings remained a standout, with $31 billion issued.
Looking ahead, a robust IPO backlog, ongoing sponsor activity, and sustained demand position ECM for continued issuance, albeit with more selective execution windows.
Get our full Q1 2026 Equity Capital Markets Update for more insights on:
- Equity market performance and macro drivers
- Comparison of historical year-to-date ECM activity
- Analysis of Q1 2026 IPO issuance and sponsor-backed trends
- Secondary market activity across follow-ons and block trades
- Convertible market dynamics and investor demand trends
- Outlook for ECM issuance in 2026
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