Australian investment banking revenues suffer steep fall

The Australian investment banking sector generated US$1.4bn in the first three quarters of 2019, representing a drop of more than 27% YoY, according to new data. According to research by Refiitiv, merger and acquisitions advisory fees were 21.6% lower than in 2018, reaching $358.8m in revenues. Initial public offerings by Australian companies raised $416.1m, a 90.1% decline on 2018, and the lowest first nine months period for Australian IPOs since 2012. Australian equity capital markets (ECM) raised $13.1bn so far this year, a 38.8% decrease in total proceeds from the comparable pe...