A Fitch Ratings report showed that during Q2 2020, revenue from capital markets at the top 5 US banks surged 63% to reach $44.9 billion. It resulted from the central bank stimulus, which triggered a rise in the issuance of debt and equity.
Debt and equity revenues for the period shot up by 57% and 85% respectively. Goldman Sachs posted an 81% upsurge in capital markets while for Morgan Stanley, there was a 63% spike.
Global ECM issuance during Q2 2020 hit a five-year high due to record activity levels. Compared to Q2 2019, there was a 78% surge in issuance according to S&P Global.
In total, global issuance amounted to $364 billion at the end of the period. The figure nearly tripled from $104 billion in Q1 2020 to $260 billion in Q2 2020.