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Title Goes Here th U.S. Equity Capital Markets Weekly For the week ended September 24 , 2021 U.S. equity markets began the week with the largest sell-off in months before rallying to end the week in the green, with the Dow Jones, S&P 500 and Nasdaq up +0.6%, +0.5% and +0.0%, respectively. Sector performance in the S&P 500 was mixed this week, with Energy outperforming the broader index, while shares of Utility stocks lagged. The VIX spiked above 25 for the first time since mid-May on Monday, before settling at 17.75 on Friday afternoon. Evergrande, the world’s most indebted property developer, was at the center of headlines this week as it faced its first test in managing its worsening debt crisis. On Thursday, the developer was scheduled to make an $83 million interest payment on an offshore bond, however, it was announced on Friday that investors had not received any payment. Evergrande carries a balance of $300 billion in total liabilities with roughly $19 billion of those in offshore, dollar- denominated bonds. In total, Evergrande owes roughly $669 million of bond interest through the end of 2021. While China is doing its part to aid markets by injecting roughly $71 billion of liquidity into the system since last week, Beijing is reluctant to bail out the firm and has been asking local governments to prepare for the looming possibility of default. On Wednesday, the Federal Reserve announced that it will likely begin tapering economic stimulus by November. Fed Chair Powell indicated that the Fed will probably begin cutting bond purchases this fall and ending stimulus programs during the middle of 2022. Powell also signaled that interest rates would remain near zero, but added the possibility of rate hikes coming as early as 2022. The Fed also raised its 2022 inflation outlook to 2.2% from 2.1%. In sum, there is positive sentiment that the Fed will continue to be accommodative with rates as inflation risk remains prevalent. On Thursday, weekly jobless claims totaled 351,000, which was higher than estimates of 320,000 and last week’s total of 335,000. Despite the negative unemployment data, U.S. housing data came in above expectations. Sales of new homes in August rose 1.5% from the prior month, while the median sales price rose +20.1% from a year ago. New home sales are at their highest level since April. On Tuesday, Democrats in the House of Representatives passed a bill to suspend the debt ceiling and extend government funding through December 3rd. However, the Senate may ultimately decide to block the bill and allow for a government shutdown given strong opposition to adjusting the nation’s debt limit. The Senate vote is scheduled for Monday evening, just a few days before a shutdown would go into effect on October 1st. In order to prevent a shutdown, the House Democrats may have to consider removing the debt ceiling piece and including it in a future reconciliation package. Equity issuance saw another strong week of activity as 36 deals priced raising over $12 billion in total proceeds. Despite concerns related to market risk and the pandemic, corporates have been eager to capitalize on the record performance of markets this year by issuing more equity. The IPO market remains robust with 400 issuers in the backlog. Looking ahead, markets are expecting a wide array of data including durable goods on Monday, ISM manufacturing data on Friday, and personal consumption data on Friday. As noted, the Senate is set to vote on the government funding bill on Monday with September 30th being the deadline for a resolution. Additionally, a number of Federal Reserve speakers will testify before Congress on the pandemic and policy response on Tuesday and Thursday. With respect to issuance this week: 17 IPOs priced this week, raising $6.0bn 16 Follow-ons priced this week, raising $5.0bn 3 Convertibles priced this week, raising $1.2bn 0 RBC Capital Markets U.S. EQUITY CAPITAL MARKETS WEEKLY For the week ended September 24th, 2021 Equity Market Drivers For the Week Ended 09/24/21 4.7% 2.2% 0.6% 0.8% 0.9% 0.0% 0.5% 0.5% 0.1% 0.3% (0.4%) (0.3%) (1.2%) (0.7%) (0.7%) Weekly Performance (%) (%) PerformanceWeekly Dow REIT Energy Utilities Telecom S&P 500 S&P Staples Materials NASDAQ Financials Industrials Consumer Healthcare Technology Consumer Russell 2000 Discretionary Note: Sector indices reflect S&P 500 companies. Positive Drivers Negative Drivers . On Wednesday, the Federal Reserve signaled that it . On Monday, concerns related to Evergrande’s debt w ill begin tapering its monthly bond purchases in crisis initially led to the largest selloff in equities in November. Chair Pow ell also indicated that interest months, w ith the S&P 500 declining (1.7%). The firm rates w ill remain near zero w ith no rate hikes coming did not pay interest on an $83 million offshore bond, so until 2022 under current conditions. the possibility of default still remains . New Covid-19 cases have been declining as of late . Uncertainty over the Senate’s upcoming vote on the w ith the latest w eekly average of new cases at government spending bill has prompted concerns that it 130,000/day, dow n 20,000 from the prior w eek w ill be rejected and a resolution may not be passed in according to data from Johns Hopkins University time to prevent a shutdow n . On Wednesday, the FDA approved Pfizer’s booster shots for individuals aged 65 years and older as w ell for people at high risk of severe Covid-19 Market Performance Economic Forecast (1) Current 2021 Month Chg. Week Chg. 2019 2020 Most Recent 2021E Dow Jones 34,798.0 13.7% (1.7%) 0.6% Real GDP (YoY%) 2.1% (3.5%) 6.6% 5.9% S&P 500 4,455.5 18.6% (0.9%) 0.5% Unemployment Rate 3.5% 8.1% 5.2% 5.5% NASDAQ 15,047.7 16.8% 0.0% 0.0% Core PCE (YoY%) 1.7% 1.4% 3.4% 3.1% VIX 17.75 (22.0%) 5.7% (14.7%) Fed Funds Target 1.75% 0.25% 0.25% 0.25% New Issuance For the Week Ended 09/17/2021 IPOs Follow-Ons Convertibles Total U.S. Offerings Greater Than $15 million # of $ mm # of $ mm # of $ mm # of $ mm Offerings Priced 17 $5,979.0 16 $4,960.0 3 $1,160.0 36 $12,099.0 Offerings Filed 8 $1,020.5 10 $3,629.5 3 $1,010.0 21 $5,660.0 Offerings Expected next Week 3 $1,455.4 - $0.0 - $0.0 3 $1,455.4 Offerings Withdrawn / Postponed 1 $800.0 - $0.0 - $0.0 1 $800.0 Source: Bloomberg & Dealogic. (1) MRQ: Q1 2021. 1 RBC Capital Markets U.S. EQUITY CAPITAL MARKETS WEEKLY For the week ended September 24th, 2021 Year To Date Equity Issuance 2021 2020 YoY % Change Deal Type Proceeds ($bn) # of Deals Proceeds ($bn) # of Deals Proceeds # of Deals IPO $209.2 690 $89.2 222 134.6% 210.8% Follow-On $158.0 586 $168.1 474 (6.0%) 23.6% Convertible $67.4 124 $84.4 147 (20.2%) (15.6%) Total: $434.6 1,400 $341.7 843 27.2% 66.1% Year To Date Equity Issuance By Sector 2021: $434.6bn 2020: $341.7bn CME Consumer CME 4% 5% 9% Technology Consumer Energy 25% 4% Technology 3% Energy 28% 5% Real Estate Financial 5% Financial 30% Real Estate Other 19% 6% 2% Other Industrial 1% 9% Industrial Healthcare Healthcare 8% 15% 23% Monthly Equity Issuance – LTM $120 4,700 4,500 $100 4,300 4,100 $22.8 3,900 . $80 3,700 $10.3 Index 500 S&P 3,500 $60 $7.3 $24.8 $26.1 3,300 $5.3 $20.2 $6.4 3,100 $40 $1.8 $8.8 $6.9 $4.6 2,900 $17.7 Issuance Value ($bn) Value Issuance $12.4 $16.1 $14.0 $4.9 $28.9 2,700 $24.0 $49.1 $5.5 $8.5 $41.6 $5.0 $20 $35.9 $10.3 2,500 $12.4 $12.9 $24.3 $23.6 $22.2 $21.8 $19.7 2,300 $11.4 $13.3 $12.9 $9.0 $6.1 $0 2,100 Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep IPO Follow-Ons Convertibles S&P 500 Source: Bloomberg & Dealogic. 2 RBC Capital Markets U.S. EQUITY CAPITAL MARKETS WEEKLY For the week ended September 24th, 2021 Recently Priced IPOs Returns Green Shoe Revised Pricing Base Deal Exercised Deal Size Mkt Cap % of Pricing P+1 P to Date Issuer Ticker Size ($m) (Y/N) % Chg ($m) Mkt Cap vs. Range Day Current Industry Financial Sponsor 09/23/21 GigCapital5 Inc GIA/U $200 (42.9%) $258 77.7% In Range 1.4% 1.4% Finance 09/23/21 Direct Selling Acquisition Corp DSAQ/U $200 - $250 80.0% In Range 0.7% 0.7% Finance 09/23/21 Clearwater Analytics Holdings Inc CWAN $540 - $4,167 13.0% Above 40.9% 40.9% Computers & Electronics Permira; Welsh Carson 09/23/21 Cue Health Inc HLTH $200 - $2,300 8.7% In Range 25.0% 25.0% Healthcare 09/22/21 Live Oak Crestview Climate Acquisition Corp LOCC/U $200 (20.0%) $272 73.6% In Range (1.6%) (1.7%) Finance Crestview Partners LP 09/22/21 Thorne HealthTech Inc THRN $70 (22.2%) $525 13.3% Below (24.5%) (16.5%) Healthcare 09/22/21 Argus Capital Corp ARGUU $265 Y (11.7%) $331 80.0% In Range 1.2% 1.0% Finance 09/22/21 EngageSmart LLC ESMT $378 Y - $4,185 9.0% Above 31.2% 33.8% Computers & Electronics General Atlantic; Summit Partners 09/22/21 Sovos Brands Inc SOVO $280 - $1,169 24.0% Below 12.7% 13.7% Food & Beverage Advent International Corp 09/22/21 Sterling Check Corp STER $329 - $2,161 15.2% Above 17.0% 15.2% Professional Services 09/22/21 Brilliant Earth BRLT $100 (50.0%) $1,032 9.7% Below 42.7% 26.8% Retail 09/22/21 Remitly Global Inc RELY $523 - $6,943 7.5% Above 12.7% 2.5% Computers & Electronics 09/21/21 Inflection Point Acquisition Corp IPAXU $300 - $375 80.0% In Range (1.8%) (1.0%) Finance 09/21/21 aka Brands Holding Corp AKA $110 (28.0%) $1,392 7.9% Below (9.2%) (9.1%) Computers & Electronics Summit Partners 09/21/21 Toast Inc TOST $870 Y - $19,973 4.4% Above 56.3% 39.5% Computers & Electronics 09/21/21 Freshworks Inc FRSH $1,026 Y - $10,132 10.1% Above 32.1% 29.9% Computers & Electronics 09/20/21 HHG Capital Corp HHGCU $50 Y - $65 76.7% In Range 1.8% 2.1% Finance 09/16/21 ForgeRock Inc FORG $275 - $1,985 13.9% Above 46.0% 85.5% Computers
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