@Klogg, I'm a bit bemused by your referencing a single month's...

@Klogg,

I'm a bit bemused by your referencing a single month's activity given the lumpy nature of ECM, even more so when that month is January, which is the least representative month anyway given investment bankers are all on at their Palm Beach holiday homes.

For context, value of ECM work in January tends to be between 1% and 6%/7% of full-year ECM (see below), so I don't think it is a month that is an indicator of anything much at all.

January ECM Value as % of Full-Year ECM Value.
2018 = 3.4%
2019 = 0.5%
2020 = 1.4%
2021 = 1.0%
2022 = 6.8%
2023 = 5.7%


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