SPCX - Banks pull in record fees from equity issues IPOs in 2020

When the pandemic hit Europe and the U.S. earlier this year, companies scrambled for cash, with some turning to equity markets to bolster their liquidity to weather uncertain times.Then with central banks aggressively shoring up financial markets, stocks rebounded, making initial public offerings attractive, especially for tech. Add onto that the surge in special purpose acquisition companies raising money to acquire other companies, and 2020 turned out to be a profitable year for banks in equity capital markets.Global equity capital markets activity jumped 55% to a record $1.1T in 2020, according to Refinitiv data.As markets stabilized, then strengthened, IPOs took hold, with high-profile names like Airbnb and Snowflake going public. U.S. IPO volumes rose to a 13-year high of $80.23B, Refinitiv data showed.Bankers pulled in $28.7B from ECM fees, the largest annual amount ever, according to the data.IPO fees reach a 13-year high of $10B, Refinitiv said.ECM fees rise to

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Banks pull in record fees from equity issues, IPOs in 2020