“While the uncertainty of the rate path and geopolitical developments may impact the near-term conversion of pipeline to realized, conditions should improve over time and the underlying trends suggest that confidence is increasing.”

In context

“ues of $461 million reflected a decline in completed M&A transactions. Equity underwriting revenues of $430 million more than doubled versus the prior year as IPO markets reopened for most of the quarter alongside conducive markets for follow-ons. Our global reach supported our ability to lead cross-border transactions, and we regained our premier leadership position in equity underwriting lead tables as global market volumes picked up. Fixed income underwriting increased year over year to $556 million, results were driven by strength in investment grade and noninvestment grade bond issuance as clients took advantage of tighter credit spreads. Looking ahead, we expect the steady build of this business to continue. We are encouraged by the health of the advisory and underwriting pipelines. While the uncertainty of the rate path and geopolitical developments may impact the near-term conversion of pipeline to realized, conditions should improve over time and the underlying trends suggest that confidence is increasing. We remain focused on expanding our reach through opportunistic hires, particularly as we continue to see diverse pipeline and increased sponsor activity. Turning to Equity, we continue to be a global leader in this business. Revenues were strong increasing 4% from the prior year to $2.8 billion. Results were supported by performance in derivatives and cash, and the franchise benefited from the scale of our prime brokerage business. Cash revenues increased year-over-year, reflecting broad based strength in equity markets across the region. Performance in Japan was particularly strong supported by higher volumes. Our increased coverage augmented by our longstanding and unique partnership with MUFG should be supportive over time. Derivative revenues were robust as the business navigated the”