Only a year ago the new economy was still a wholly American concept. There had been no more than a couple of internet IPOs in Europe, and these equities were languishing below their issue price. Germany's Neuer Markt was the home of small traditional media companies, not internet start-ups. And the rest of Europe seemed to have few growth companies of any description.
Since then, Europe has seen a deal frenzy, with investors clamouring First for consumer internet stocks, then business-to-business stories and then technology providers. The market has gone through cautious optimism, heady euphoria, a frantic sell-off and back to caution. European retail investors have caught the day-trading bug and become a key part of many deals. And all the while, there have been phenomenal volumes of issuance from large established companies, supplying a continent-wide hunger for equity.
The sheer volume of issuance has made life difficult for issuers and investment bankers.