TL;DR

• Equity Issuance Surge – 67 offerings raised $32.5B—a 509% increase over April and the largest month-over-month surge in nominal issuance on record. 
• Block Trade Dominance – 34 blocks raised $19.4B, setting a new monthly record. Unregistered blocks hit $9.2B—also a record. 
• IPO Market Revival – 5 IPOs raised $2.0B with an average first-day return of 25%. All priced within/above range; 4 were upsized. MNTN and eToro surged 64.8% and 28.8%, respectively. 
• Convertible Bond Rebound – 11 U.S. deals raised $10.7B—the highest monthly total YTD. 5 concurrent with follow-ons, the busiest month for such deals since Sept 2021. 
• SPAC Momentum – 20 SPAC IPOs raised $4.5B in May, bringing the YTD total to 53—just two shy of the full-year 2024 total. 

May marked a resurgence in equity capital markets, setting multiple records across asset classes and signaling a potential inflection point in investor sentiment. 

Equity Issuance Surge 

After an underwhelming start to 2025, equity issuance remained subdued through April, which closed with just 11 transactions totaling $4.5 billion—the lowest monthly deal count since August 2011 (10 deals). However, May marked a dramatic turnaround, with 67 offerings raising $32.5 billion. This represents a staggering 509% increase in volume compared to April, the largest month-over-month surge in nominal issuance on record. 

Block Trade Dominance 

A majority of May’s issuance came from follow-on offerings, with 62 deals raising a total of $30.6 billion. Block trades were a major driver, accounting for 59.6% of that volume. May saw 34 block trades raise $19.4 billion—the highest monthly dollar volume for blocks on record. Of these, 23 were unregistered blocks totaling $9.2 billion, also setting a new monthly record for unregistered block volume. On a dollar-weighted basis, May’s blocks outperformed those from January through April, with an average open performance of 0.32% compared to 0.07%. Additionally, the average file-to-offer discount tightened half a percentage point from 3.3% to 2.8%. 

IPO Market Revival 

While the IPO market has lagged for much of 2025, May indicated a larger appetite for new listings. Five IPOs raised a combined $2.0 billion, with an impressive average first-day return of 25%. All five priced within or above their expected ranges, and four upsized their offerings post-initial filing. Standout debuts included MNTN, Inc. and eToro Group Ltd, which surged 64.8% and 28.8%, respectively, on their first day of trading. 

Convertible Bond Rebound 

The convertible bond market also saw a strong rebound, with 11 U.S. deals raising $10.7 billion—the highest monthly total year-to-date. Five of these were executed concurrently with follow-on equity offerings, marking the busiest month for concurrent deals since September 2021. 

SPAC Momentum 

SPAC IPO activity continued to gain momentum, with 20 new listings raising $4.5 billion in May. This brings the year-to-date total to 53 SPAC IPOs, just two shy of the full-year total for 2024. Q2 2025 will be the fourth consecutive quarter with 18 or more SPACs.