Thi s edition of the Conyer s Bermuda Public Companies
Update summari ses significant transactions involving Bermuda
companies listed on the New York Stock Exchange and Nasdaq in the
second half of 2023.
Global Market Update
The latter half of 2023 brought some comfort to market watchers:
inflation slowed, the steady rise in interest rates stabilised, and
the economic recession widely-projected earlier in the year appears
likely to be averted. Despite these macro improvements, movement in
developed markets remained subdued.
The international Initial Public Offering market was quiet
overall in 2023. Global IPO volume declined by 8%, and proceeds by
33%. In the US, IPO numbers still fell short of previous years, but
showed improvement from 2022's market plummet. Aggressive
monetary policies were a key contributor to the decline in IPO
volume: the US has witnessed eleven rate increases since 2022,
though this approach has now slowed.
