股权发行正在大规模回归，但这一轮周期与2021有所不同。据巴克莱全球股票资本市场主管John Kolz及其团队称，当前这波发行由高质量供给、战略资本需求以及更强的市场吸收能力所驱动。
“投资者仍然持建设性态度，但他们更加看重盈利能力、规模、执行力和上市后表现。”
“我们看到越来越多的公司是从强势地位而非必要性出发来接触股权资本。”
John Kolz是巴克莱全球股票资本市场主管。他在为发行人和投资者就股权融资及战略交易提供咨询方面拥有超过25年的经验，于2025年从加拿大皇家银行资本市场加入巴克莱，此前他曾担任该行股票资本市场联席主管。在此之前，他曾担任瑞信美洲ECM发起联席主管，并曾在高盛担任高级领导职务，包括股票承销联席主管。
Equity issuance is returning at scale, but this cycle looks different from 2021. Today's wave is being driven by high-quality supply, strategic demand for capital, and stronger market absorption capacity, according to John Kolz, Global Head of Equity Capital Markets and his team.
"Investors remain constructive, yet they're placing a higher premium on profitability, scale, execution and aftermarket performance."
"We're seeing an increasing number of companies approach equity capital from a position of strength rather than necessity."
John Kolz is Global Head of Equity Capital Markets at Barclays. With over 25 years of experience advising issuers and investors on equity financings and strategic transactions, John joined Barclays in 2025 from RBC Capital Markets where he served as Co-Head of Equity Capital Markets. Prior, he served as Co-Head of Americas ECM Origination at Credit Suisse, following senior leadership positions at Goldman Sachs, including Co-Head of Equity Syndicate.
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