Between 2017 and 2023, global market capitalisation increased from USD 84 trillion to USD 117 trillion, while the number of listed companies increased from approximately 41 000 to over 42 500. This increase is mainly driven by emerging economies, in particular Asia. On the contrary, many advanced markets have seen a continuous decrease in the number of listed companies. Since 2005, around 34 000 companies have delisted from stock markets globally, notably, in the United States and Europe, which host some of the world’s largest stock markets. 

Secondary public offerings allow companies that are already listed to continue raising equity capital on primary markets after their initial public offering. The capital raised in secondary offerings may be used for a variety of purposes and can also help fundamentally sound companies to bridge a temporary downturn in economic activity. In the period immediately following the 2008 financial crisis, already listed non-financial companies used public equity markets extensively to raise additional equity capital through secondary offerings. The same was observed in 2020, when already listed non-financial companies raised a total of USD 738 billion via secondary public offerings, the highest amount of the last three decades.

The total outstanding amount of corporate bonds increased by two and a half times in real terms between 2000 and 2023, from USD 13.6 trillion to USD 33.6 trillion. The increase has been particularly pronounced in the non-financial sector since the 2008 financial crisis, as companies around the world have taken advantage of the lower borrowing costs brought about by accommodative monetary policies. Tighter banking regulations have also contributed to this growth. Average non-financial issuance has more than doubled in real terms, from USD 1.1 trillion annually between 2000 and 2008 to USD 2.3 trillion between 2009 and 2023.