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Asian exchanges have dominated global issuance of stocks, largely because of a rush of listings by Chinese companies.
Then the financial crisis hit, and global issuance tumbled to $3.6 billion in 2009, according to Dealogic.
Global issuance of Shariah-compliant bonds and loans grew 40percentt in the first 10 months of 2009 from a year ago, Moody's Investors Services said in a November note to clients.
The country issued the world's first sovereign sukuk in 2002; in the first three quarters of 2012 it was responsible for almost three-quarters of total global issuance (see chart).
Global issuance of sukuk, or Islamic debt securities, is expected to expand by 30-35% in 2008, maintaining the momentum of the past two years which took total volumes to US$97.3bn, according to a report released in late February by Moody's Investors Service.
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Similarly, year-to-date global equity issuance is down 31percentt and debt issuance has dropped 9percentt.
Dealogic, a data provider, says global share issuance last year was a bit less than at its peak in 2000, at almost $600 billion and corporate-bond issuance was a bit higher than in 2000, at $685 billion.
Allowing for these factors, net global security issuance is zero, according to Citigroup.
In the nine months to September, global bond issuance was 47percentt higher than for the whole of 2008.
The bear market will slow things down: global equity issuance in the first quarter of 2001 fell by 63% compared with a year earlier, to $48 billion.
Global syndicated loan issuance in October was lower than in any other month this year.
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