Chris Fenske, the head of capital markets research in S&P Global Market Intelligence's primary markets group, joined The Pipeline podcast to discuss his unique approach to studying the health of the IPO market. Rather than creating an index, Fenske creates a portfolio of companies, and this allows him to take a granular look at leaders and laggards. Fenske also spoke about what the recent market volatility means for the IPO outlook, why AI hyperscalers can hold off on going public and how his biochemistry degree helps him in the world of financial services.

More S&P Global Market Intelligence Content:

• Fenske's research: 2025 US IPO Performance Starts with a Roar and Ends with a Whimper
• Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook

Credits:

• Host: Joe Mantone
• Guest: Chris Fenske

On the latest episode of The Pipeline podcast, Mark Lehmann, vice chair of Citizens Financial Group Inc.'s commercial bank, said he expects to see a broader subset of companies pursue initial public offerings in 2026. Lehmann also talked about his company's equity‑research approach, which involves having analysts dive deep into a narrow portion of growth‑oriented sectors, and how his law degree helps him in the world of financial services.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook
• Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
• Webinar: The State of the Middle Market

Credits:

• Host: Joe Mantone
• Guest: Mark Lehmann

Tariffs have created operating challenges that have slowed cross-border M&A, but deal activity is starting to increase, according to Paul Aversano, the practice leader for Alvarez & Marsal's global transaction advisory group. Aversano recently joined The Pipeline podcast to discuss cross-border M&A trends and noted that uncertainty is the biggest obstacle to the deals. He added that regulatory approval of the cross-border transactions has gotten more challenging in recent years, but deals are coming to market. Three areas that are helping produce the transactions are the Middle East, Japan and India.

More S&P Global Market Intelligence Content:

• Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
• Webinar: The State of the Middle Market
• Webinar: Dealmaking Amid High Volatility

Credits:

• Host: Joe Mantone
• Guest: Paul Aversano

The dealmaking downturn that started in 2022 has weighed on investment banking revenue, but the third quarter produced good results in the M&A advisory and capital markets underwriting businesses for the large US investment banks. RBC Capital Markets analyst Gerard Cassidy joined the Pipeline to discuss the results, the risks that could slow dealmaking and the importance of financial sponsors to the investment banks. Cassidy also touched on Wells Fargo's goal of becoming a top-five investment bank, and St. John's goal of returning to the Final Four of the men's college basketball NCAA tournament.

More S&P Global Market Intelligence Content:

• M&A in Focus Webinar: The State of the Middle Market
• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition

Credits:

• Host: Joe Mantone
• Guest: Gerard Cassidy
• Published With Assistance From: Kyle Cangialosi and Patrick Moroney

In this episode of the Pipeline podcast, Eddie Best, a partner at Willkie Farr & Gallagher LLP and co-chair of the firm's capital markets practice, discusses how the regulatory-friendly business environment is helping to open the IPO window. Best also examines how reducing reporting requirements and tailoring SEC rules to the size of companies can alleviate regulatory burdens for publicly traded companies. He points out that lowering compliance costs could encourage more companies to consider going public. However, while easing regulations might benefit the IPO landscape, Best notes that this must be balanced against investor protection and the need for transparency.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Oct. 9 M&A in Focus Webinar: The State of the Middle Market
• Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition

Credits:

• Host: Joe Mantone
• Guest: Eddie Best
• Published With Assistance From: Sophie Carr, Patrick Moroney and Alison Perico

In this episode of The Pipeline podcast, Anu Singh, a managing director in Kaufman Hall's M&A practice, discusses the outlook for transactions in healthcare services and how the dealmaking strategy is changing to focus on strategic partnerships instead of just creating scale through consolidation. Singh expects private equity to remain interested in the space, especially on the physician side, but he added that regulators will likely continue to scrutinize market concentration. Overall, Singh sees dealmaking in healthcare services as being on the rise and anticipates that the activity will return to pre-COVID levels in 2026.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Balance sheet, M&A and capital raising strategies for a volatile environment
• Navigating M&A Trends During Market Volatility

Credits:

• Host: Joe Mantone
• Guest: Anu Singh
• Published With Assistance From: Sophie Carr, Patrick Moroney and Alison Perico

In this episode of The Pipeline podcast, Devin Ryan, an equity research analyst with Citizens JMP, provided insights into the current state and future prospects of mergers and acquisitions. Following a record-breaking year in 2021, the M&A landscape faced significant challenges in 2022 and 2023. However, Ryan expressed optimism that 2023 may represent a low point and activity is getting closer to more normal levels. A key factor in the recovery is the role of private equity firms and whether they start deploying more dry powder.

More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Price tags on biggest M&A deals grow larger in 2025
• Balance sheet, M&A and capital raising strategies for a volatile environment
• Navigating M&A Trends During Market Volatility

Credits:

• Host: Joe Mantone
• Guest: Devin Ryan
• Published With Assistance From: Sophie Carr, Patrick Moroney, Alison Perico and Feranmi Adeoshun

In this episode of The Pipeline, S&P Global Market Intelligence's Joe Mantone speaks with Carole Streicher, the deal advisory and strategy service group leader for KPMG in the U.S., to discuss the evolving landscape of M&A activity amidst changing economic conditions. They discuss the initial pause in M&A due to tariffs, which introduced significant economic uncertainty, and how companies are now reassessing their supply chains and considering geographic expansion as a strategic response.

Streicher shares insights from KPMG's recent mid-year M&A survey, revealing that despite the challenges posed by tariffs, dealmakers remain optimistic about M&A prospects for 2025 and 2026, driven by favorable tax policies and antitrust initiatives from the current administration. The conversation highlights the complexities introduced by tariffs, which not only add costs and time to deals but also complicate the valuation process.

The episode also addresses sector-specific trends, noting that industrial manufacturing and consumer retail are most impacted by tariffs. Streicher emphasizes the increasing activity in the energy sector, driven by the growing demand for energy, particularly in relation to the AI revolution.

Looking ahead, they discuss the critical need for thorough due diligence and scenario modeling in navigating the current M&A landscape.

Join this insightful discussion that offers valuable perspectives on the current and future state of M&A, providing essential information for deal practitioners. More S&P Global Market Intelligence Content:

• Webinar: M&A in Focus: Dealmaking Amid High Volatility
• Balance sheet, M&A and capital raising strategies for a volatile environment
• Four $10B-plus deals in May contribute to M&A revival
• Navigating M&A Trends During Market Volatility

Host: Joe Mantone Guest: Carole Streicher Edited By: Marz Marcello Published With Assistance From: Sophie Carr, Patrick Moroney, Feranmi Adeoshun, and Alison Perico

In this episode of The Pipeline, S&P Global Market Intelligence's Joe Mantone sits down with Richard Truesdell, a partner and global chair of capital markets at Davis Polk, to discuss the current landscape of the IPO market. They explore the cyclical nature of IPO activity, noting recent increases, particularly in the tech sector, while acknowledging that overall numbers remain low compared to historical standards. The conversation delves into the impact of market volatility, driven by factors such as tariff concerns and Federal Reserve decisions, which have affected IPO momentum.

Truesdell highlights the importance of conservative valuations in today's choppy market, explaining how companies willing to accept these terms are prioritized for successful IPOs. The resurgence of SPACs is also a key topic, with a notable increase in SPAC IPOs in the first quarter of the year, despite low merger activity.

The episode covers sector-specific trends, including the challenges facing biotech IPOs due to regulatory uncertainty, and the role of cornerstone investors in de-risking IPOs. Looking ahead, Mantone and Truesdell discuss the necessity of market stability and investor demand for a robust IPO market, emphasizing the pent-up supply-side demand and the potential for regulatory changes to facilitate more IPOs.

Join a candid discussion that illuminates the current and future state of IPOs, offering valuable perspectives for investors and market participants alike. More S&P Global Market Intelligence Content:

• Navigating M&A Trends During Market Volatility
• Two $10B-plus financials deals led April worldwide M&A
• After yearlong recovery, global IPO activity sputters in Q1

Credits:

• Host: Joe Mantone
• Guest: Richard Truesdell
• Edited By: Marz Marcello
• Published With Assistance From: Feranmi Adeoshun, Sophie Carr, Patrick Moroney

In this episode, Joe Mantone is joined by West Riggs, head of equity capital markets at Truist Securities, who discusses IPO activity in 2024 and the outlook for 2025. West also touches on interest rate cuts and how the U.S. elections tend to impact the market. More S&P Global Content: • Subscribe to our monthly M&A in focus newsletter • Listen to a webinar on capital markets activity in H1 2024 • See our latest news headlines

Credits: • Host: Joe Mantone • Producer: Adam Kovalsky • Published with assistance from: Carl Schmidt