We are off to the races in EMEA ECM, with improved volumes cheering bankers, particularly those at Morgan Stanley. 

The American bank finished the first quarter after a string of early victories, akin to Formula 1’s Red Bull Racing team, sitting strong after the first significant moments of this year’s ECM season.

In March alone, it was on a whopping 12 transactions, worth USD 2.5bn of apportioned deal value in March, according to Dealogic data.

This included major roles on a USD 3bn equivalent block in Haleon [LON:HLN] and the USD 2.6bn IPO of Galderma [SWX:GALD].

Both deals contributed significantly to the bank’s total first-quarter league table volume of around USD 3.6bn.

You can never write off the old stalwarts, however, and JPMorgan, like legendary Italian racing house Ferrari, is also showing signs of some early momentum.

JPM finished the quarter just behind the leader, with USD 3.2bn of apportioned deal volumes, which included roles on the March Haleon block and a USD 1.8bn sell-down in London Stock Exchange Group [LON:LSEG], both alongside MS.

JPM participated in all three major ECM asset classes, syndicating follow-ons, IPOs, and convertible bonds; the bank had USD 201.25m of convertible issuance in 1Q in a quiet quarter for the asset class.

BofA and Citi are running third and fourth in the championship at the end of 1Q with USD 3bn and USD 2.8bn respectively. Both banks held a major role in an earlier USD 1.2bn sell-down in Haleon, in January, as well as in a USD 2.4bn sell-down of DHL Group [ETR:DHL], alongside JPM, in February.

UBS finished the quarter a strong fifth, with USD 2.5bn of volumes, and perennial contender Goldman Sachs was in sixth at the end of 1Q, with USD 2.2bn of ECM volume. The bank was still the joint most active house in the top ten, printing 18 rank-eligible deals across the quarter, the same number as leaders Morgan Stanley.

European giants Barclays and Deutsche Bank sat in seventh and eighth in the standings at the end of 1Q and wrapping up the top ten were Jefferies and BNP Paribas.

Bankers are not just cheering the uptick in deal flow but mostly celebrating the return of high-margin IPOs which, alongside more primary capital raising, boost profits on ECM deals versus lower margin blocks.

With big IPOs like CVC and Puig expected to lead the next listings window, many bankers will be able to celebrate both league table positions alongside desk P&L as they race through a busy few months before summer.