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class="feature-article"> <div class="date-area">September 8, 2015 2:00 am JST</div> <div class="sub-title">Waiting for brighter skies</div> <h1 class="title">Global stock slide puts brakes on corporate fundraising</h1> </div> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p>TOKYO -- Companies worldwide in August raised the smallest amount of new capital in four years, postponing stock and bond offerings as markets tumbled.</p><p>     New stock and bond issues totaled $167 billion last month, down by around half from July, said market research company Dealogic. August tends to be a weak month for offerings, but last month was unusually so, marking the lowest level of capital market fundraising since August 2011's $119 billion, which followed the downgrade of U.S. debt.</p><p>     Stock offerings brought in $35.7 billion, down 40% from July as companies scuttled plans for initial public offerings and other floats. U.S. company Philadelphia Energy Solutions and Brazilian budget carrier Azul put off planned IPOs, which could bring in far less capital than intended due to sinking investor sentiment.</p><p>     Japanese machine tools maker <a href="/web/20150919131707/http://asia.nikkei.com/Company/05J28B-E" target="_self" alt="05J28B-E" class="mwMoTrg">Tsugami</a> also postponed for one year its application to list a wholly owned Chinese subsidiary in Hong Kong. The company judged that recent market turbulence could make the listing process difficult. Listing the subsidiary was expected to bring in nearly 10 billion yen ($83.2 million). Tsugami plans to try again once the market has settled.</p><p>     Even Japan's domestic players are feeling pressure from falling markets. Electronics retailer <a href="/web/20150919131707/http://asia.nikkei.com/Company/05JBYV-E" target="_self" alt="05JBYV-E" class="mwMoTrg">Nojima</a> on Aug. 26 called off a public offering of 9.2 million shares, originally seen bringing in 15 billion yen. The company's shares have sunk more than 40% from when the offering was announced. "Offering shares now would not maximize shareholder profit," Nojima's corporate planning office said.</p><div class="page_limit free"></div><div class="page_limit"></div><p>     Global bond issues fell by half from July levels to hit $131.2 billion in August. New issues were going strong until July ahead of an anticipated U.S. interest rate hike, but market sentiment now seems to have turned.</p><p>     Financial markets have continued to see excessive liquidity due to further monetary easing in advanced economies. Companies are thus unlikely to run into trouble raising funds in the short term, unlike in the aftermath of the global financial crisis in 2008. But securing long-term funds could prove more difficult, forcing companies to take another critical look at their growth strategies.</p><p>(Nikkei)</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div id="05J28B-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <h3 class="mwmo-title"><a href="/web/20150919131707/http://asia.nikkei.com/Company/05J28B-E">Tsugami Corp.</a></h3> <p class="a300ctry">Japan</p> <table> <tr> <th>Market(Ticker):</th> <td>TKS(6101)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Producer Manufacturing<br>Industrial Machinery</td> </tr> <tr> <th>Market cap(USD):</th> <td>308.66M</td> </tr> <tr> <th>Shares:</th> <td>74.91M</td> </tr> </table> <div class="more"> <a href="/web/20150919131707/http://asia.nikkei.com/Company/05J28B-E">about Tsugami Corp.</a> </div> </div> </div> <div id="05JBYV-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <h3 class="mwmo-title"><a href="/web/20150919131707/http://asia.nikkei.com/Company/05JBYV-E">Nojima Corp.</a></h3> <p class="a300ctry">Japan</p> <table> <tr> <th>Market(Ticker):</th> <td>JAS(7419)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Retail Trade<br>Specialty Stores</td> </tr> <tr> <th>Market cap(USD):</th> <td>529.20M</td> </tr> <tr> <th>Shares:</th> <td>48.36M</td> </tr> </table> <div class="more"> <a href="/web/20150919131707/http://asia.nikkei.com/Company/05JBYV-E">about Nojima Corp.</a> </div> </div> </div>  <div class="pagination no-border"></div> <div class="related-company"> <h2 class="related-header">Related companies</h2> <p class="company-list"> <a href="/web/20150919131707/http://asia.nikkei.com/Company/05J28B-E">Tsugami Corp.</a>, <a href="/web/20150919131707/http://asia.nikkei.com/Company/05JBYV-E">Nojima Corp.</a> </p> </div> <div class="related-list"> <p class="related-header">Related stories</p> <ul class="point-list"> <li><a href="/web/20150919131707/http://asia.nikkei.com/Business/Companies/Nojima-to-open-electronics-stores-in-Vietnam"><span class="sub-title-s">Bigger Southeast Asian footprint: </span>Nojima to open electronics stores in Vietnam </a></li> <li><a href="/web/20150919131707/http://asia.nikkei.com/Japan-Update/Japan-s-machinery-companies-receiving-fewer-orders-from-China"><span class="sub-title-s">Drag on earnings: </span>Japan's machinery companies receiving fewer orders from China</a></li> </ul> </div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20150919131707oe_/http://asia.nikkei.com/Features/Market-Turmoil/Global-stock-slide-puts-brakes-on-corporate-fundraising" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <script type="text/javascript" async="async" src="https://web.archive.org/web/20150919131707js_/http://widgets.outbrain.com/outbrain.js"></script> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20150919131707cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20150919131707js_/http://asia.nikkei.com/js/8a7e90e.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <div id="sailthru-signup" style="font-family: verdana; 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