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Deals including initial public offerings aren’t likely to recover from their doldrums “for a few quarters yet” unless global business confidence returns, according to a review by Swiss bank UBS Group AG.
Corporate actions — M&A, IPOs and additional issuance — rely on business confidence rising and financial conditions easing, UBS strategists led by Gerry Fowler wrote Monday in a report based on more than 20 years of data. Dealmaking has plunged in 2023, with IPOs raising just $127 billion globally this year to date — the lowest since at least 2011, data compiled by Bloomberg show.
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