The Pipeline: M&A and IPO Insights

Chris Fenske, the head of capital markets research in S&P Global Market Intelligence's primary markets group, joined The Pipeline podcast to discuss his unique approach to studying the health of the IPO market. Rather than creating an index, Fenske creates a portfolio of companies, and this allows him to take a granular look at leaders and laggards. Fenske also spoke about what the recent market volatility means for the IPO outlook, why AI hyperscalers can hold off on going public and how his biochemistry degree helps him in the world of financial services.



More S&P Global Market Intelligence Content:  
Fenske's research: 2025 US IPO Performance Starts with a Roar and Ends with a Whimper
Webinar: M&A in Focus:  Dealmakers' Discussion on the 2026 Outlook
Credits:
Host: Joe Mantone
Guest: Chris Fenske

On the latest episode of The Pipeline podcast, Mark Lehmann, vice chair of Citizens Financial Group Inc.'s commercial bank, said he expects to see a broader subset of companies pursue initial public offerings in 2026. Lehmann also talked about his company's equity‑research approach, which involves having analysts dive deep into a narrow portion of growth‑oriented sectors, and how his law degree helps him in the world of financial services.
 
More S&P Global Market Intelligence Content:  
Webinar: M&A in Focus: Dealmakers' Discussion on the 2026 Outlook
Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
Webinar: The State of the Middle Market
Credits:
Host: Joe Mantone
Guest: Mark Lehmann

Tariffs have created operating challenges that have slowed cross-border M&A, but deal activity is starting to increase, according to Paul Aversano, the practice leader for Alvarez & Marsal's global transaction advisory group. Aversano recently joined The Pipeline podcast to discuss cross-border M&A trends and noted that uncertainty is the biggest obstacle to the deals. He added that regulatory approval of the cross-border transactions has gotten more challenging in recent years, but deals are coming to market. Three areas that are helping produce the transactions are the Middle East, Japan and India.
 
 
More S&P Global Market Intelligence Content:  
Market Intelligence research: Big Picture 2026 M&A Outlook: Big deals drive resurgence
Webinar: The State of the Middle Market
Webinar: Dealmaking Amid High Volatility
Credits:
Host: Joe Mantone
Guest: Paul Aversano

The dealmaking downturn that started in 2022 has weighed on investment banking revenue, but the third quarter produced good results in the M&A advisory and capital markets underwriting businesses for the large US investment banks. RBC Capital Markets analyst Gerard Cassidy joined the Pipeline to discuss the results, the risks that could slow dealmaking and the importance of financial sponsors to the investment banks. Cassidy also touched on Wells Fargo's goal of becoming a top-five investment bank, and St. John's goal of returning to the Final Four of the men's college basketball NCAA tournament. 


More S&P Global Market Intelligence Content:  
M&A in Focus Webinar: The State of the Middle Market
Webinar: M&A in Focus: Dealmaking Amid High Volatility
Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition
Credits:
Host: Joe Mantone
Guest: Gerard Cassidy
Published With Assistance From: Kyle Cangialosi and Patrick Moroney

In this episode of the Pipeline podcast, Eddie Best, a partner at Willkie Farr & Gallagher LLP and co-chair of the firm's capital markets practice, discusses how the regulatory-friendly business environment is helping to open the IPO window. Best also examines how reducing reporting requirements and tailoring SEC rules to the size of companies can alleviate regulatory burdens for publicly traded companies. He points out that lowering compliance costs could encourage more companies to consider going public. However, while easing regulations might benefit the IPO landscape, Best notes that this must be balanced against investor protection and the need for transparency.




More S&P Global Market Intelligence Content:  
Webinar: M&A in Focus: Dealmaking Amid High Volatility
Oct. 9 M&A in Focus Webinar: The State of the Middle Market
Market Intelligence news: Wells Fargo new hires advise on PNC Financial's FirstBank acquisition
Credits:
Host: Joe Mantone
Guest: Eddie Best
Published With Assistance From: Sophie Carr, Patrick Moroney and Alison Perico