US corporate fundraising picked up sharply in the first half of 2024, but bankers are growing increasingly cautious over whether the revival will continue as uncertainty over the presidential election and the timing of interest rate cuts casts a shadow over the rest of the year.
Fundraising activity jumped in the first half of 2024, with borrowing in US high-grade and junk-rated debt markets up almost 50 per cent to $1.3tn, according to PitchBook LCD. Fundraising through initial public offerings jumped 80 per cent to almost $20bn, according to Dealogic.
But bankers say that part of that activity was driven by companies pulling forward their financings in order to avoid potential volatility later in the year, and some are not convinced that it represents a return to more normal conditions.