The ever-shrinking global stock market is no more.
Thanks to record issuance, the SPAC boom and the pandemic-fueled collapse in buybacks, the supply of equities across the developed world has turned positive for the first time in a decade, according to Sanford C. Bernstein. At $273 billion in the 12 months through the end of March, the hand-wringing over the de-equitization trends of the post-financial crisis era is well and truly over.
What started as a rush to shore up balance sheets during the Covid crisis has morphed into a spree of deals to tap relentless investor appetite for a market…
