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Market volatility spiked in March, but debt market activity reached record levels in the first quarter and global equity issuance pulled back slightly, according to new data from Refinitiv.

Global equity capital market activity declined by 2% in the first quarter, both in terms of deal volume and value, compared with the same period last year. Total equity issuance came in at $126.6 billion (all figures in U.S. dollars) for Q1.

But the real effects of the pandemic started to show in March, which saw a 60% decline in deal activity from February, Refinitiv reported. March ranked as the weakest month since October 2011.

Initial public offering activity dropped by 37% in March, the firm noted. Yet, global IPO proceeds were up by 75% in the first quarter overall.

By sector, the healthcare industry led the way in equity issuance in the first quarter, accounting for 15% of market activity, followed by tech at 13%, financials (12%), retail (11%) and real estate (10%).

Global debt markets saw record issuance in the first quarter.

Debt issuance rose by 7% in the quarter, Refinitiv said, reaching $2.3 trillion. The first quarter was the strongest three-month period for global debt markets since records began in 1980, Refinitiv noted.

U.S. investment-grade corporate debt set records in the first quarter too, the firm reported.

Total issuance reached $435.7 billion in the quarter, up by 35% from the same quarter in 2019.

March also ranked as the strongest month on record for U.S. issuance, and the week of March 22 set a record for weekly issuance.

Alongside the surge in U.S. investment grade offerings, Refinitiv also reported that global high-yield bond issuance rose by 11% in the first quarter.

This came despite a “near shutdown of the primary market for high-yield offerings in March,” Refinitiv noted.