Investment Banks: Deal Dashboard

Research evidence excerpt

Investment Banks: Deal Dashboard

Update

June 25, 2026 09:23 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+

With one week to go, 2Q is shaping up as a strong qtr for global capital markets Giulia Aurora Miotto, CFA

activity across all products, M&A, ECM, DCM, and loans. EquityGiulia.Aurora.Miotto@morganstanley.comAnalyst +44 20 7425-5344

Equity issuance in 2Q26 QTD is trending up more than double 2Q25's level (110% Morgan Stanley Europe S.E., Madrid Branch+

y/y), led by North America at >3x y/y (208% y/y), with IPOs up almost >5x. Alvaro Serrano

Announced M&A volume trends in 2Q26 QTD are robust at up 60% y/y (slight Alvaro.Serrano@morganstanley.com +44 20 7425-6942

decel. vs. 64% prior week), led by Europe/North America.

Morgan Stanley & Co. LLC

While strategics have led the deal pickup, ann. sponsor trends y/y have Michael J. Cyprys, CFA, CPA

accelerated (10% y/y vs. 1% prior week), suggesting broadening of M&A activity. EquityMichael.Cyprys@morganstanley.comAnalyst +1 212 761-7619

Completed M&A vol. trends QTD remain strong at up 20% y/y (decel. vs. 27% Morgan Stanley & Co. International plc+

prior week), with sponsor growth (53% y/y) outpacing strategics (10% y/y). Franco Insausti, CFA

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

Today's data compares 2Q26 quarter to date as of June 24 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.