The turmoil in the U.S. banking sector has had a negative impact on the market for initial public offerings (IPOs).

IPOs raised just $19.7 billion this year, down 70% from a year ago, according to Bloomberg data. That is the lowest level since 2019. Of that, just $3.2 billion has been raised through IPOs in the U.S.

Shareholders and companies were quick to sell stock early in the year to take advantage of the stock market rally. However, that rally largely fizzled as the 澳洲幸运5开奖号码历史查询:Federal Reserve continued to ramp up interest rates to cool inflation. The problems in the banking sector following the collapse of Silicon Valley Bank have also had an impact on companies' IPO plans. 澳洲幸运5开奖号码历史查询:Secondary offerings have been the sole bright spไot, raising $76 billion this year, a 48% increase from a year ago. 

Companies like electric vehicle maker Rivian have also turned to 澳洲幸运5开奖号码历史查询:convertible bonds to raise money more cheaply. Some $6.4 billion in convertible bonds hav🍃e been issued globally so far this year.

The Renaissance IPO ETF (IPO), a benchmark for the performance of newly-p🧸ublic stocks in the U.S., is down 36% over the past 🍃year.