It has not been a quiet start to the year for equity capital markets (ECM) types, whose phones have been ringing off their hooks. But then they didn't get to go home early often in 2009 either, as they enjoyed a record season for rights issues. While they can expect to remain fully occupied in 2010, it is unlikely that rights issues will take up quite so much of their time.
Last year was one for the record books. Global rights issues and follow-on deals totalled $692.5bn ($470.2bn in 2008), according to Dealogic, from 4007 transactions (2103 in 2008). Both numbers were the highest ever. North America and Europe were neck and neck with $237.8bn and $235.1bn, respectively. Japan was next with $59.2bn, followed by north Asia ($56.4bn) and Australasia ($55.6bn).
