Citigroup Sees Economic Slump Tempering Underwriting Rebound

Global debt and equity underwriting will probably remain unchanged next year as sluggish economic growth and an uncertain outlook restrain demand for securities, said Tyler Dickson, who oversees the business at Citigroup Inc.

“In 2013, we expect similar activity levels to 2012, from large investment grade companies to small high-growth initial public offerings,” Dickson, head of global markets origination for the New York-based bank, said in an interview in Tokyo on Oct. 13. “Given the environment, volume will be lower than peak levels, but all the major capital markets will be open.”