Investment Banks: Deal Dashboard

Research evidence excerpt

Investment Banks: Deal Dashboard

Update

May 21, 2026 06:32 PM GMT

Morgan Stanley & Co. LLCMInvestment Banks | Global Manan Gosalia

Equity Analyst

Deal Dashboard Manan.Gosalia@morganstanley.comRyan Kenny, CFA +1 212 761-4092

Ryan.Kenny@morganstanley.com +1 212 761-1664

Connell J Schmitz

Research Associate

Connell.Schmitz@morganstanley.com +1 212 761-6252

Key Takeaways

Morgan Stanley & Co. International plc+

We continue to see positive investment banking trends across products (ex- Giulia Aurora Miotto, CFA

syndicated loans) more than midway through 2Q26. EquityGiulia.Aurora.Miotto@morganstanley.comAnalyst +44 20 7425-5344

Announced M&A volume trends in 2Q26 QTD remain strong at +50% y/y (no Morgan Stanley Europe S.E., Madrid Branch+

change vs. prior week) and +31% q/q (accel. vs. +18% prior week). Alvaro Serrano

Completed M&A volume trends in 2Q26 QTD remain positive across regions at Alvaro.Serrano@morganstanley.com +44 20 7425-6942

+14% y/y in aggregate (slight decel. vs. +17% prior week), led by Sponsors.

Morgan Stanley & Co. LLC

Equity issuance volume in 2Q26 QTD remains robust across regions at +93% y/y Michael J. Cyprys, CFA, CPA

in aggregate (decel. vs. +140% prior week), w/ IPO volume up +141% y/y. EquityMichael.Cyprys@morganstanley.comAnalyst +1 212 761-7619

RJF noted y'day that, "Investment banking pipelines and client activity levels Morgan Stanley & Co. International plc+

remain strong, but the timing of closings continues to be uncertain.” Franco Insausti, CFA

Franco.Insausti@morganstanley.com +44 20 7677-3769

Today's data compares 2Q26 quarter to date as of May 20 vs. the same point in time

in the prior quarter and prior year's quarter. Morgan Stanley MUFG Securities Co., Ltd.+

Mia Nagasaka

Exhibit 1: 2Q26 QTD Dealogic Fees Y/Y vs.