High-margin secondary equity raisings have been strong:
Secondary capital (including scrip-for-scrip) raised in May 2020 totaled A$7.5bn, up 151% vs. May 2019, when A$3bn was raised. Secondary capital raised in April 2020 was the highest since July 2009, when A$14.9bn was raised through secondary offerings. Secondary capital raised in FY20 (to date) totals A$60.8bn, up 41% compared to pcp. Total capital (including scrip-for-scrip) raised in May 2020 was up 49%, at A$7.5bn vs. A$5.1bn raised in pcp.
Capital raisings in April and May 2020 were elevated, as expected, due to strong secondary raising. The fees