European Equity Capital Markets: Adapting to a New Reality
Listed & Large Corporates, The Netherlands | Report | May 2021
As the fog in the financial markets is slowly lifting, with lockdown measures easing and the first signs of economic recovery being observed, we can start to uncover the early winners and laggards in a post-Brexit era.
Having a strong international investor base and a favorable listing regime, Euronext Amsterdam has been able to draw in a substantial amount of capital over the last number of months, further enhancing its position as a popular listing venue for both blue chip IPOs and SPACs alike, as can be read in this report.
As a Dutch capital market, we must operate from our own strength. We now have the opportunity to do so, and we have to take it.René van Vlerken, Head of Listing at Euronext Amsterdam
European stock markets soar
Despite multiple lockdowns across countries in Europe caused by the COVID-19 pandemic, stock markets have shown considerable recovery since April 2020. So far in 2021, the Euro STOXX 600 and AEX are up 9.6% and 13.3% respectively. The Euro STOXX 600 hit an all-time high in April 2021, surpassing levels seen in late February 2020. In addition, the AEX recently hit an all-time high, surpassing the September 2000 level.
The European IPO market also experienced a very strong start to the year. With 86 IPOs raising EUR 22.6bn, Q1 2021 already surpassed full year 2020 levels in terms of proceeds. European IPO activity benefitted from positive market sentiment, driven by low interest rates, continued government stimulus packages, improved macroeconomic indicators and the prospect of post-vaccine economic recovery.
A number of sizeable IPOs hit the market, including private-equity backed transactions, such as InPost and Dr Martens. Europe is also experiencing increased momentum around SPACs, with recent IPOs on Euronext Amsterdam, London Stock Exchange Deutsche Börse and Nasdaq Nordic Stockholm.
In this new report for the large and listed corporate sector, we discuss these developments and provide an M&A and debt update, and feature an interview with Euronext Amsterdam's Head of Listing René van Vlerken.
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