US IPO Banker Fees Power Through Shutdown to Top Last Year

Fees from underwriting US IPOs, stock sales and convertible bonds have already surpassed last year’s, even as tariff angst and the government shutdown curbed dealmaking opportunities.

With a few weeks left in 2025, fees from stock and convertible bond sales by US-listed companies total $8.78 billion for the year through Dec. 2, versus $8.06 billion in all of 2024, according to London Stock Exchange Group Plc data.

A record year for convertible bond issues, as well as an IPO market helped by a surge in blank-check firm listings, underpinned the rebound in fees.

The tariff back-and-forth ...