J.P. 摩根-全球-宏观策略-全球现金流与流动性：企业活动发行-2019.5.10-35页.pdfVIP免费

www.jpmorganmarkets.comGlobalMarketsStrategy10May2019F&LLibraryCorporateactivityissuanceGlobalMarketsStrategyNikolaosPanigirtzoglouAC(44-20)7134-7815nikolaos.panigirtzoglou@jpmorgan.comBloombergJPMAFLOWJ.P.MorganSecuritiesplcMikaInkinen(44-20)77426565mika.j.inkinen@jpmorgan.comJ.P.MorganSecuritiesplcNishantPoddar,CFA(91-22)6157-3255nishant.poddar@jpmchase.comJ.P.MorganIndiaPrivateLimitedSeepage33foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.BelowareexcerptsofpastissuesofFlows&Liquidityonthetopicof:Corporateactivityissuance.Theexcerptscanbefoundinreversechronologicalorder,withthemostrecentupdatebelow.Theexcerptsarenotupdatedandareaccurateonlyasofthedateindicated.Generally,wedonotemailoutthisdocument,butmaintainitonJ.P.MorganMarketsasareferencetool.Howhighisequitysupply?(extractfromFlows&Liquidity,03May19)USIPOactivityiscurrentlyboomingasthefoundersandownersofmatureprivatetechnologycompaniesseeawindowofopportunitytocashoutaftermissingoutlastyear.Annualized,thevalueofUSIPOsduringthefirstfourmonthsofthisyearexceedstheprevioushighseenin1999atthepeakofthedotcombubble.Onereasonthisyear’sUSIPOboomisnotcreatingindigestioninequitymarketsisthatitissmallinvolumeterms,i.e.afteradjustingforthesizeoftheUSpublicequitymarket.AnotherreasonisthatequityofferingactivityhasbeenratherweakthisyearoutsidetheUSincludingsecondaryofferings.ItisthusnotsurprisingthatglobalnetequitysupplyproxiessuchasthechangeinthefreefloatoftheMSCIACWorldindexremaindepressed.Thereforewebelievethisyear’sUSIPOboompresentslittlethreattoglobalnetequitysupplywhichhasbeenhoveringclosetozerosince2016inanunprecedentedrun.Inourmind,anythreattoequitymarketsforthisyearstemsfrompotentialchangesinequitydemandratherthansupply.Ourpositi...