Piper Sandler Q1 DCM Advisory Best Ever, Equity Capital Market Share Hits Record
Piper Sandler posted strong Q1 results as its Debt Capital Markets Advisory arm achieved its best quarterly performance and derivative transactions rose as rate volatility climbed. Bank M&A closings held up in smaller deals despite slower larger transactions, and equity capital market share reached record levels in healthcare and industrials.
1. Debt Capital Markets Outperformance
Debt Capital Markets Advisory spearheaded Q1 revenue growth, delivering the firm’s strongest quarterly performance driven by multiple high-fee bond underwritings and continuation transactions.
2. Bank M&A and Derivatives Activity
Bank M&A closings remained solid in smaller transactions despite a slowdown in larger deals; meanwhile, the derivative desk completed an increased volume of hedging transactions as rate volatility climbed.
3. Equity Capital Markets Share Gains
Equity capital markets operations secured record market share in both healthcare and industrial sectors, though management cautioned that such outsized performance may not repeat in Q2 as broader activity normalizes.
4. Non-M&A Advisory and Technology Outlook
Restructuring and private capital advisory remained stable, while technology M&A saw more cautious dealmaking and lower valuations, even as Piper Sandler’s specialized tech team delivered year-over-year growth.