Well-functioning capital markets play a central role in financing innovation, industrial transformation and economic growth. A key indicator of a market’s ability to allocate capital efficiently is the activity in the primary market — the issuance of new equity and high-yield bonds.
An analysis of issuance activity across selected European countries shows substantial differences in the depth and vibrancy of national risk-capital markets. The study covers approximately 24,000 equity transactions and 3,100 high-yield bond issues across the UK, France, Germany, Switzerland, Belgium, Ireland and the Nordic countries.
The results highlight the importance of strong domestic capital market ecosystems.