Piper Sandler Logs Record Q1 Revenues, Debt Capital Markets Soar as M&A Slows
PIPR•Piper Sandler reported a strong first quarter with record revenues driven by a very busy debt capital markets advisory unit and outsized healthcare and industrials equity capital market share gains, while announced bank M&A deal volume slowed compared with larger transactions. The firm’s derivative desk handled increased hedging activity amid rate volatility, non-M&A areas saw robust debt capital markets performance, and technology M&A remained cautious as valuations fell and sponsor transactions slowed.
1. Q1 Record Revenues and Core Growth
Piper Sandler achieved record first-quarter revenues, led by an exceptionally strong debt capital markets advisory performance and significant market share gains in healthcare and industrials equity capital markets.
2. Bank M&A and Hedging Activity
Announced bank M&A closings remained robust on smaller deals, but larger transactions paced below expectations, while the derivative desk saw heightened hedging volumes as clients navigated forward curve rate volatility.
3. Equity Capital Markets Performance
Healthcare and industrials segments delivered outsized fee revenues and market share, although leadership cautions that the exceptional Q1 share performance may not repeat in the second quarter despite an open biotech backdrop.
4. Non-M&A Advisory Strength
Debt capital markets advisory emerged as the standout non-M&A contributor, with restructuring and private capital advisory delivering steady results, and continued momentum from recent private capital acquisition integrations.
