Equity Capital Markets Update, April 2026

Download this report (PDF, 2.0 MB)

U.S. Market Commentary

Key U.S. Macro Themes

Geopolitics and Global Trade

• U.S. – Iran conflict entered third month with no resolution in sight, with negotiations stalled following failed peace talks in Islamabad and no agreement on further dialogue
  – U.S. is pitching allies on “Maritime Freedom Construct” – a joint naval force to secure the Strait of Hormuz, as President Trump vows to maintain a naval blockade
• Oil markets remained volatile, with WTI rebounding above $105/bbl and Brent reaching $114/bbl, while forward curves moved higher, signaling expectations of prolonged supply disruption

Monetary Policy and Inflation

• Fed maintained rates steady at 3.50 – 3.75% at April meeting with an 8-4 vote, the highest level of dissent since 1992
  – While Governor Miran dissented in favor of a cut, Governors Hammack, Kashkari, and Logan agreed with the hold, but did not support the inclusion of an easing bias in the statement
  – Likely last meeting with Powell at helm, although he stated his intention to remain on the board as a governor until January 2028
•  Fed Chair nominee Kevin Warsh was approved by the Senate Banking Committee after Senator Tillis dropped his blockade of the nomination following the DoJ dropping its investigation into Powell

Source: Bloomberg, FactSet, FOMC, Federal Reserve. Market data as of 4/30/26. Issuance figures exclude SPAC IPOs and closed-end funds.

U.S. Equities Overview

Public Equity Markets

• U.S. equities were sharply higher in April, with the S&P 500 posting its best month since November 2020 – both the S&P 500 and NASDAQ indices ended the month at fresh record highs

Equity Capital Markets

•  12 IPOs (~$6.8BN) and 40 Follow-Ons (~$8.9BN) priced in April
• Notable transactions:
  – Avalyn Pharma – $345mm IPO – ▲ +63.8% offer-to-current
  – X-Energy – $1,017mm IPO – ▲ +38.0% offer-to-current
  – Yesway – $280mm IPO – ▲ +28.6% offer-to-current
  – AEVEX – $368mm IPO – ▲ +51.3% offer-to-current

Source: Bloomberg, FactSet, FOMC, Federal Reserve. Market data as of 4/30/26. Issuance figures exclude SPAC IPOs and closed-end funds.