Global equity capital markets (ECM) issuance plummeted in the third quarter, according to the latest figures released by data agency Dealogic.
Companies raised US$159.4 billion in the September quarter, down 46 per cent on the June quarter when a record US$295 billion was raised.
The September 2007 figure, however, was 10 per cent higher than the amount raised in the third quarter of 2006.
In the first nine months of the year total ECM volumes were up 23 per cent to US$641.2 billion from US$520 billion during the same period of 2006.
ECM volumes in the Asia Pacific (ex Japan and Chinese A shares) region grew by a staggering 63 per cent to US$42.9 billion. This compared to volumes of US$26.3 billion in the third quarter of 2006.
ECM issuance in the so-called BRIC economies of Brazil, Russia, India and China soared, while volumes in Europe, the Middle- East and Africa plummeted.
BRIC issuance was dominated by China. Almost half of the total US$63 billion raised in the BRIC economies was in the Chinese A share market.
It brings the total amount of money raised in China this year to US$52.8 billion, up from just US$8.9 billion in the first nine months of 2006.
EMEA, however, dragged down the global average.
ECM volumes in the region slumped by 10 per cent to US$55.7 billion in the third quarter, down from US$62.1 billion in the previous corresponding period.
