Debt market activity declines, high yield craters, Refinitiv reports
Underwriting fees drop, but completed M&A revenues rise
Issuance declines in most categories, except investment grade corporates
Global IPOs and secondary offerings set records, at the same time as green bond issuance jumped
RBC leads debt markets, BMO tops equity league tables
Spike in underwriting activity fuels jump in banking fees
Only debt underwriting fees increased
But if a global slowdown develops, will governments have the political will to enact fiscal measures?
Citigroup also ordered to review its policies, systems, procedures and training relating to sales charge waivers in mutual fund transactions
Citigroup Global Markets, Smith Barney Fund Management to pay US$208 million in penalties