Professionals in the markets hope that 2011 will be even better

The year 2010 has been that of the renaissance for introductions on the stock exchange. Despite the turbulence which rocked the markets throughout the year, the primary activity remained dynamic in the world: rating entries totaled 275,4 billion in 2010, more than double the activity 2009 (about 115 billion). Despite numerous cancellations and postponements that have punctuated the year (such as Travelport or recently Lucien Barrière and Adisseo), it is the second largest volume of history, just behind 2007 (298,8 billion), according to preliminary data from Dealogic. SOPS were thus represented 32 of global primary volumes (including emissions of convertible bonds into shares, the levees), compared to only 13 in 2009.

In contrast, and despite the giant operation of the Brazilian Petrobras (more than 70 billion dollars), the increases in capital and investments have them, fell by 28, less than $ 500 billion, explaining the slight decline of 4 (873 billion) the amount of capital surveys all combined operations. "It is passed a market for funding to a market of assignments by funds and large privatization", summarizes Jerome Leleu, primary market head emerging Europe at Morgan Stanley.

Predominance of Asia

In geographical terms, the figures reflect the growing weight of emerging markets, observed the previous years. They (389 billion dollars) in fact account for almost half (45) of all of the raising of capital of the year, against only a quarter in 2009. On the only introductions on the stock market, they do the lion's share of, with a record of 184 billion, or two thirds of the amounts raised. The Asia-Pacific (excluding Japan) has been particularly dynamic, with almost 330 billion dollars, including 166 billion - a new above - for entries to the rating. Eight of the ten larger IPO of the year were of transmitters of this part of the globe, including Agricultural Bank of China and AIA, which lifted them two more of $ 40 billion.

"With the increase in volumes on the introductions on the stock market in 2010, this predominance of Asia becomes remarkable and pose questions on the dynamism of Western societies", underlines Thierry Olive, primary market responsible for shares in BNP Paribas. The United States however were not completely remains: even if the capital increases have fallen, introductions have, more than doubled: almost $ 38 billion was raised through the return to Wall Street from General Motors (18 billion to him alone). Europe is in the elbow-to-elbow, with 37 billion on the IPO, almost five times more than in 2009. The market was facilitated by several operations above the threshold of the Rusal billion euros Enel Green Power, PZU, or Pandora.

Professionals in the markets hope that 2011 will be even better. "The situation today is very different from the same period in 2009: at the time, it was hoped a restart of the introductions.". "Today, the market is already reopened", said Valery Barrier, primary market manager France at Deutsche Bank. "There is lot of files in the pipes to regain the levels of 2007, around 80 billion euros (about $ 100 billion) in Europe", adds Laurent Morel, primary responsible actions in Société Générale. Among the size expected next year, operations professionals cite Glencore, Santander UK, insurance of ING, Hapag-Lloyd and a lot of quotes in Russia as Metalloinvest. The investment bankers at the same time yet significant capital increases. "In banks first, but in different sectors for fund mergers-acquisitions, the image of the future of Porsche," also finds Laurent Morel.