Fees from underwriting US IPOs, stock sales and convertible bonds have already surpassed last year’s, even as tariff angst and the government shutdown curbed dealmaking opportunities.
With a few weeks left in 2025, fees from stock and convertible bond sales by US-listed companies total $8.78 billion for the year through Dec. 2, versus $8.06 billion in all of 2024, according to
A record year for convertible bond issues, as well as an IPO market helped by a surge in blank-check firm listings, underpinned the rebound in fees.
The tariff back-and-forth ...