Global firms, investors in share sale rush as Middle East conflict erupts

• Last week saw over $25 billion in equity transactions, the busiest week of 2026, with year-to-date proceeds up 60% compared to the same period in 2025
• Major deals included Zurich Insurance raising $5 billion, France's Engie raising $3.49 billion, and Rosebank raising $2.5 billion, with several aimed at financing planned acquisitions
• Advisers warn that sustained market volatility from U.S.-Israel attacks on Iran could slow future transactional activity, prompting firms to lock in deals while conditions remain favorable

Summary

Global companies and investors rushed to complete approximately $20 billion in equity deals over three trading days (Friday-Tuesday) as Middle East conflict escalated, according to LSEG data. This represents nearly 16% of the $130 billion in deals launched year-to-date, with the pace nearly triple the average daily volume from the prior two months.

Last week marked the busiest week for global equity capital markets in 2026, with over $25 billion in transactions. Year-to-date dealmaking proceeds are up 60% compared to the same period in 2025.

Key Transactions:

• Zurich Insurance: Raised $5 billion to fund Beazley takeover
• Rosebank: Completed $2.5 billion raise (Britain)
• Engie (France): Raised €3 billion ($3.49 billion) on Friday to finance UK Power Networks acquisition

Several companies accelerated capital raising efforts to secure funding before market conditions deteriorate further. Markets have experienced volatility due to U.S. and Israeli attacks on Iran and Tehran's regional strikes.

Alexis Le Touze of BNP Paribas noted firms are moving quickly to "get ahead of any potential disruption," warning that worsening conditions could prevent project financing. Tom Johnson of Barclays emphasized that in volatile environments, companies should "take what's in front of you" when strong visibility exists.

However, advisers warn that sustained market volatility could slow future transactional activity. Deutsche Bank's Tom Swerling cautioned that prolonged volatility "for a number of weeks" could dampen dealmaking, though many clients still have pressing capital needs.

The rush reflects strategic timing by corporations and Gulf investors seeking to complete critical financings while market windows remain open.