ECM Most Wanted: reward for follow-on deals

Why has issuance not been stronger given secondary market performance?

Secondary market equity issuance has failed to pick up as expected so far this year, but bankers remain confident companies will start to take advantage of benign market conditions at a time when emerging market inflows remain strong.

“Follow-on market activity has been disappointing,” said Alex Abagian, head of Asia Pacific equity syndicate at Morgan Stanley in Hong Kong. “Once the H-share index breached the 10,000 level we expected issuance to start accelerating, but it hasn’t happened yet.”

As FinanceAsia reported in part one of its autumn ECM preview, overall issuance across Asia ex A-shares is on course to surpass 2016’s $77.4 billion total given...

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