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JPMorgan sees fewer IPOs in revenue
Source: Bloomberg News |
November 27, 2012, Tuesday
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Print Edition
Print Edition
JPMorgan Chase & Co yesterday said initial share sales may account for less than half its China investment banking revenue in 2012 as more companies opt to raise funds from the bond market to take advantage of lower interest rates.
Initial share sales had been more than half of investment banking revenue in "recent years," Fang Fang, CEO of China investment banking for JPMorgan, said in Beijing. "This is the year that we did not have many elephant IPOs." By contrast, greater numbers of companies are selling debt, he said.
Chinese companies have sold fewer shares and more bonds as policy makers cut rates to bolster economic growth. Yields on dollar-denominated debt sold by Chinese firms fell to a record low of 5 percent on November 7, according to JPMorgan Chase indexes. They have raised US$15.2 billion from overseas equity sales so far this year, 38 percent less than a year ago, according to data compiled by Bloomberg News.
Business at the bank's investment banking unit in China is set to rise in early 2013, Fang has said.
Initial share sales had been more than half of investment banking revenue in "recent years," Fang Fang, CEO of China investment banking for JPMorgan, said in Beijing. "This is the year that we did not have many elephant IPOs." By contrast, greater numbers of companies are selling debt, he said.
Chinese companies have sold fewer shares and more bonds as policy makers cut rates to bolster economic growth. Yields on dollar-denominated debt sold by Chinese firms fell to a record low of 5 percent on November 7, according to JPMorgan Chase indexes. They have raised US$15.2 billion from overseas equity sales so far this year, 38 percent less than a year ago, according to data compiled by Bloomberg News.
Business at the bank's investment banking unit in China is set to rise in early 2013, Fang has said.
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