Volatility takes shine off golden age for Asian follow-ons

Follow-on activity is starting to pick up across Asia, but volatility is making after-market performance difficult to judge for buyers and sellers alike.
Markets in for a volatile ride?
Markets in for a volatile ride?

One of the sure signs of an ageing bull market is when follow-on equity deals start picking up steam as sellers try to time the top of the market.

Just such a pattern started to take shape in Asia at the beginning of 2018 as issuance volumes rose.

The region’s equity markets appeared to be heading for a golden period of strong secondary market issuance matched by solid momentum-driven demand. A win-win situation for both the buy and sell side.

Valuations were high. But in Hong Kong at least, equity strategists argued they would be buttressed by accelerating Southbound flows.

Yet...

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