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What were the highs and lows of the first half of the year? We look at key global highlights across ECM, DCM, Loans, M&A, and IB Strategy, according to Dealogic figures. For more information or a full copy of our First Half 2016 Reviews, please reach out to our teams below.

Global ECM Highlights

Global ECM volume totaled $331.6bn in 1H 2016, down 40% from the $550.1bn raised in 1H 2015, and the lowest 1H volume since 2012. IPO volume was at the lowest first half level since 2009 – down 54% to $47.8bn in 1H 2016. Asia Pacific ECM volume was down 35% year‐on‐year with $131.0bn but accounted for 40% of global ECM volume, the highest 1H share since 2010

Global DCM Highlights

In 1H 2016 global DCM volume totaled $3.50tr, up 3% year-on-year. Global corporate IG issuance of $1.05tr was the highest half year total on record. The largest Emerging Market syndicated bond on record was priced on April 19, 2016; as the Republic of Argentina issued a $16.5bn bond, the country’s first sovereign bond since October 2001

Global Loans Highlights

Global syndicated loan volume of $1.93tr borrowed in 1H 2016 was the lowest 1H level since 2012 ($1.76tr) and down 11% on $2.18tr borrowed in 1H 2015. Borrowing in the Oil & Gas sector fell 37% ($162.7bn) from the record high $257.7bn signed in 1H 2015. Chemicals and Technology borrowers recorded the biggest increase in corporate loan volume, up 40% and 35% year‐on‐year, respectively

Global M&A Highlights

After three successive quarters with $1tr+ volume, global M&A fell to $758.5bn and $951.6bn in the first two quarters of 2016. First half volume of $1.71tr was down 18% year-on-year ($2.09tr). Technology was the top sector with a total of $294.8bn, the second highest 1H volume on record behind 2000 ($304.6bn). Withdrawn M&A volume of $606.4bn was the highest 1H total on record and second highest full year since 2009

Global Investment Banking  Strategy Highlights

Global IB revenue dropped 19% year‐on‐year in 1H 2016 ($33.7bn), the biggest first half decline since 2012 (down 21%). Revenue dropped across all products, with M&A revenue down 11% to $10.5bn, the third largest 1H decline in 8 years. ECM accounted for its lowest 1H share of global revenue on record (19%). DCM ($10.9bn) revenue fell by 7% while syndicated lending revenue dropped for a third consecutive 1H period

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