The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Asian equities: Bankers prepared for 2011 reality check

IPO outlook solid for 2011; Banks fear investor euphoria threatens danger

Leading bankers in the region say the outlook for capital markets in Asia is good in 2011 but that they will struggle to repeat last year’s record-breaking levels of equity issuance. According to figures from Dealogic, issuers in Asia (ex Japan) raised a total of $158 billion through initial public offerings in 2010 (as of December 21), smashing through the $100 billion mark for the first time. That constituted 57.5% of global IPO volumes.

In the league tables, the big story is the possibility that in 2011 UBS will be unseated as top dog for volume in Asia. Led by the volumes generated by Chinese dealmaker Henry Cai (now with Deutsche Bank), UBS has topped the volume charts in Asia in the past few years and looked as if it had clung on to the top spot at the end of 2010 despite the predictions of competitors. Dealogic’s table had the firm top in Asia Pacific (ex Japan) rankings, with $29.6 billion-worth of deals, as against second-placed Goldman Sachs with $24 billion. Morgan Stanley climbed to third place from last year’s fifth, with $22.6 billion.


Competitors have been briefing all year that UBS is not the force it was in Asia-Pacific equities, having lost global capital markets head (Asia) Steve Barg and Asia equity capital markets head Mark Williams as well as Cai and team, so their successors will be pleased to have retained the top spot in both volume and revenue rankings for 2010.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree