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Market Impact: 0.35

Goldman, BofA Set to Capture Bigger Share of Japan’s ECM Deals

GSBAC
Banking & LiquidityMarket Technicals & FlowsInvestor Sentiment & PositioningAntitrust & Competition

Goldman Sachs and Bank of America are positioned to grab a larger share of Japan's equity capital market in the fiscal year ending March, driven by a surge in block-trade activity. The shift implies potential upside to their ECM fee pools and trading revenue in Japan, supporting a constructive near-term view on their Japan-focused capital markets businesses.

Analysis

Goldman Sachs and Bank of America are positioned to grab a larger share of Japan's equity capital market in the fiscal year ending March, driven by a surge in block-trade activity. The shift implies potential upside to their ECM fee pools and trading revenue in Japan, supporting a constructive near-term view on their Japan-focused capital markets businesses.

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