While global capital markets have recently been roiled by the conflict in the Middle East, the first quarter was still a strong one for both equity and debt issuance, according to new data from LSEG Data & Analytics.
On the equity side, new issue activity in the first quarter totalled US$197.4 billion. That was up 34% from the same quarter last year, but down by 5% from the fourth quarter. The volume of equity underwritings was also up 9% in the quarter, LSEG said.
Secondary offerings led the way with US$117.3 billion in new equity raised in the first quarter. The report noted that the volume of deals was up 18% from the first quarter of 2025, and the value of those deals rose by 22% — marking the strongest first quarter since 2021.
Initial public offering (IPO) activity also picked up in the first quarter. Excluding shell company offerings (SPACs), global IPOs were up 17% to US$30.9 billion in the quarter.
Additionally, the value of global convertible offerings jumped to US$49.2 billion in the first quarter, double the total raised in the same quarter a year ago.
Goldman Sachs & Co. continued to lead the global equity league tables, according to LSEG — followed by J.P. Morgan and Morgan Stanley, which retained second and third place in the rankings. Citi and BofA Securities Inc. rounded out the top five.
RBC Capital Markets was the top-ranked Canadian firm, taking 13th place in the global league tables. TD Securities Inc. ranked 21st and BMO Capital Markets was 25th.
Global debt market activity also increased in the first quarter, LSEG reported.
Total debt underwriting activity came in at a record US$3.5 trillion, which was up 4% from the same quarter a year ago, and an increase of 40% from the fourth quarter.
Despite the increase in the value of debt activity, the volume of deals was down 13% compared to the first quarter of 2025, the report noted.
Investment grade corporate debt offerings came in at US$1.6 trillion in the first quarter, up 5% from a year ago to a record level, LSEG said. Again, the increase in the value of dealmaking came amid a notable decline in the number of deals, which dropped by 14% in the first quarter.
Alongside the increase in investment grade issuance, the value of high yield debt activity also rose to US$108.5 billion — up 3% from the same quarter a year ago, and up 6% compared to the fourth quarter of 2025.
Additionally, green bond issuance rose too. According to data from LSEG and The Climate Bonds Initiative, new issue activity in the green bond market came in at US$136.2 billion in the first quarter, which was up 18% from the first quarter of 2025.
JP Morgan led the overall debt underwriting league tables, followed by BofA, Morgan Stanley, Citi and Barclays. RBC was the top-ranked Canadian firm in 13th place, followed by BMO in 17th, and TD in 25th position in the global rankings.