· IPOX Indexes surge. China benchmarks catch up to IPOX China 20 (CNI). Santander-linked U.S. unit IPO exposure surges.

· IPOX-U.S. linked ETF (FPX) continues historic run.

IPOs debut strongly while few deals lined up to trade.

IPOX Returns, Notable Company Movers:

IPOX Indexes rise in line with benchmarks, historic bull run in IPOX U.S. continues: Global equities surged ahead of U.S. Futures & Options expiration amid firm Asian markets and good U.S. economic data with the CBOE Volatility Index (VIX: -18.04%) plunging towards fresh all-time lows. After the previous week's big move, the IPOX Indexes traded in line to lower vs. the benchmarks, with the IPOX Global 50 (IPGL50: +1.42%) losing -42bps. vs. the MSCI World (MXWD). We note the performance jump in IPOX-included IPOs linked to Spain's Banco Santander (SAN SM) with unit Banco Santander Brazil (BSBR US: +10.50%) and Grupo Financiero Santander Mexico (BSMX US: +8.24%) surging in tandem. Within the IPOX Regional Index Universe, IPOX U.S. rose most, with the IPOX U.S. linked U.S. IPO ETF extending the YTD gain to +12.49% (see chart above for Fund properties). With volatile U.S. social networker Facebook (FB: +0.65%) trading only slightly higher, big gains in small- and mid-caps on momentum and earnings were driving returns with USDbn 1.7 airline and 05/11 IPO Spirit Airlines (SAVE US: +14.98%), natural gas and oil explorer USDbn 3.2 WPX Energy (WXP US: +13.40%) or USDbn 2.4 Pandora Media (P US: +12.11%) in focus. Upscale U.S. grocery market operator USDbn 1.90 The Fresh Market (TFM US: -13.44%) and Elon Musk's alternative energy provider Solarcity (SCTY US: -10.19%) slumped after missing earnings. "Red-hot" China e-commerce firm Sequoia-backed VipShop (VIPS US: -5.77%) - one of only three China-linked deals in the U.S. last year - fell last week on profit taking after earnings, while H.K. domiciled 04/12 IPO consulting firm Acquity Group (AQ US: +37.79%) surged on indication for possible Joint Venture pacts.

· IPOX Indexes Comparative Price Returns (all in %):

Ticker (BBG/Reuters)	Week	2012	YTD 13
IPOX Global 50 (IPGL50) (USD)	1.42	24.17	7.27
IPOX Global 30 (IPGL30)	1.69	19.57	8.85
MSCI World (MXWD)	1.84	13.44	5.99
IPOX U.S. 100 (IPXO)	2.17	29.17	12.45
IPOX U.S. 30 (IPXT)	1.85	28.86	11.05
S&P 500 (SPX)	2.17	13.41	8.76
IPOX Europe 50 (IPXUJPEU) (EUR)	2.33	6.09	7.01
IPOX Europe 30 (IXTE) (EUR)	2.69	0.03	7.67
STOXX 50 (SX5P) (EUR)	2.41	8.78	4.87
IPOX Asia-Pacific 30 (IPTA)	0.54	28.77	6.38
MSCI Asia-Pacific (MXPC)	0.73	10.97	7.00
IPOX China 20	-0.05	19.53	5.14
IPOX China Cp. (IPXUCHCP)	0.37	18.93	3.47
FTSE China 25 (XIN0I)	0.92	13.48	-1.38

· Notable IPOX Indexes Movers:

IPOX Index	Name	Size	Change(%)	Ticker
IPXUCHCP	Acquity	Small	+37.79	AQ UN
IPXO	Spirit Air	Small	+14.98	SPR UN
IPXO	WPX Energy	Mid	+13.40	WPX UN
IPXO	Pandora Media	Small	+12.11	P UN
IPGL50	Santander Br.	Large	+10.50	BSBR UN
IPXO	Fresh Market	Small	-13.44	TFM UN
IPXO	Solarcity	Small	-10.19	SCTY UN
IPXUCHCP	VipShop	Small	-5.77	VIPS US

· IPOs Traded (Week: 03/04/2013):

Company	Ticker	Return/IPO/week
Artisan Partners Asset Mgmt.	APAM US	+28.83%
Termbray Petro-King	2178 HK	+31.71%

The big run in global benchmarks had little effect on IPO activity with just two notable deals commencing trading: U.S. based Artisan Partners (APAM US) and Termbray Petro-King (2178 HK) priced at or near the top of their respective ranges and closed the week markedly higher.

· Upcoming global IPOs (Week: 03/11/2013):

Company	Code	Pricing	Comment
Oi Wah Pawnshop	1319 HK	3/15	Micro-Cap
Silver Spring Networks	SSNI US	3/12	Low Float IPO
Xinchen China Power	1148 HK	3/6	Priced at low-end

At least two significant IPOs are set to debut trading this week: What appears a Groupon (GRPN US)-style low float strategy to maximize initial market cap, revenue-volatile Goldman/CS-led Silver Spring Networks (SSNI US) is an alternative energy technology provider and seeks to sell up to 9.61% of the firm at between 3.61 and 4.06 times 2012 revenues. China Auto-Parts manufacturer Xinchen China Power (1148 HK) priced the IPO of 25% of the company at HKD 2.23 near the low end at a P/E of ca. 7.80. Pricing looks attractive when compared to global IPO incumbents, including Korea's Mando (060980 KS), a unit of Korea's Halla Group, which itself announced an intention to list its China subsidiary in an USDm 275 IPO on Friday.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

· IPOX Indexes spike as global risk recedes. IPOX China (CNI) continues relative surge.

· After a big week and reversal, IPOX-U.S. linked ETF (FPX) back near all-time high.

Only few IPO deals lined up to price.

IPOX Returns, Notable Company Movers

· IPOX Indexes rise, strongly outperform, relative performance of IPOX China surges anew: The IPOX Indexes were the main beneficiary of calming global markets with the VIX Volatility Index (VIX) plunging -19.1% from Monday's closing high. On the global level, the IPOX Global 50 (IPGL50) - key global measure for the "going public" effect of the largest and most liquid 50 global IPOs and Spin-offs during the past four years - rose +1.42% to +5.77% YTD, beating benchmark MSCI World (MXWD) by a large +144 bps. Outperformance was driven by strength, amongst U.S., Asia-Pacific and China-domiciled firms, while IPOX Europe (IPXUJPEU, IXTE) underperformend. In the U.S., the underlying index to the IPOX-linked First Trust U.S. IPO Fund gained +1.49% to +10.06% YTD, beating benchmarks such as the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RUT) by a large +134 bps., +155 bps. and +111 bps., respectively. A big week in some of the IPOX heavyweight such as beleaguered social networker Facebook (FB US: +2.40%), tech Verisk Analytics (VRSK US: +8.38%), discount retailer Dollar General (DG US: +3.35%) or hospital operator HCA Holdings (HCA US: +3.36%) drove relative returns. Amid weak earnings, Chicago-based Groupon (GRPN: -10.84%) plunged but re-bounded strongly towards week-end after replacing its founder. Amongst China-linked exposure, we note the renewed surge in relative performance of the IPOX China . Driven by a good week in Financial and Dec. 2012 IPO PICC (1339 HK: +2.65%), for example, the index extended its YTD lead vs. benchmark FTSE China 25 (XIN0I) to a massive +747 bps., underlying the asset allocation potential of newly issued stocks amid index construction issues currently inherent in the FTSE China 25 (XIN0I). In developed Asia-Pacific, we note a new all-time high in HK Financial and IPOX heavyweight AIA Group (1299 HK: +5.16%) as well as Trade Me (TME AU: +13.07%) after solid earnings and DJ S&P Indexes inclusion.

· IPOX Indexes Comparative Price Returns:

Ticker (BBG/Reuters)	Week	2012	YTD 13
IPOX Global 50 (IPGL50) (USD)	1.42	24.17	5.77
IPOX Global 30 (IPGL30)	1.35	19.57	7.04
MSCI World (MXWD)	-0.02	13.44	4.08
IPOX U.S. 100 (IPXO)	1.49	29.17	10.06
IPOX U.S. 30 (IPXT)	1.43	28.86	9.04
S&P 500 (SPX)	0.17	13.41	6.45
IPOX Europe 50 (IPXUJPEU) (EUR)	-0.62	6.09	4.57
IPOX Europe 30 (IXTE) (EUR)	-0.84	0.03	4.84
STOXX 50 (SX5P) (EUR)	0.16	8.78	2.32
IPOX Asia-Pacific 30 (IPTA)	1.39	28.77	5.81
MSCI Asia-Pacific (MXPC)	-0.02	10.97	4.08
IPOX China 20	1.31	19.53	5.19
IPOX China Cp. (IPXUCHCP)	1.19	18.93	3.09
FTSE China 25 (XIN0I)	0.19	13.48	-2.28

· Notable IPOX Indexes Movers:

IPOX Index	Name	Size	Change	Ticker
U.S. 100	Verisk	Large	+8.38%	VRSK US
Global 50	AIA	Large	+5.16%	1299 HK
Global 50	HCA	Large	+3.36%	HCA US
U.S. 100	Groupon	Mid	-10.84%	GRPN US
IPOX Europe 50	African Barrick	Small	-4.96%	ABG LN
IPOX Asia-Pacific	Calbee	Mid	-3.31%	2229 JT

· IPOs Traded (Week: 02/25/2013):

Company	Ticker	Return/IPO/week
Roma Group	8072 HK	50.00%

· Upcoming global IPOs (Week: 03/04/2013):

Company	Code	Pricing	Comment
Xinchen China Power	1148 HK	3/5	Auto Parts Manuf.
Artisan Partners	APAM US	3/6	Asset Management

Auto-Parts manufacturer Xinchen China Power (1148 HK) is expected to price its IPO of 25% of the company at between HKD 2.20-2.80 or a P/E of 7.59-9.66. A pricing towards the low end is particularly attractive when compared to global IPO incumbents (e.g. 060980 KS). After few failed attempts, U.S. domiciled asset manager and P/E-backed Artisan Partners (APAM US) seeks to take advantage of the "window of opportunity" for U.S. IPOs: The firm, which - despite big average fund flows into U.S. equities in YTD 2013 - has seen virtually no net client inflows YTD according to the SEC filing, seeks to raise USDm 333 valuing the firm at between USDbn 1.86-2.00 or 4x revenues. Performance of notable U.S. incumbents since IPO mixed: CMLS US: -22.61%, ART US: -88.73%, OZM US: -60.11%, FIG: -60.82%, MN US: +31.63%.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

· After option expiration, IPOX Indexes lag as global risk spikes. China-linked exposure plunges anew.

· IPOX-U.S. linked ETF (FPX) retreats on broad weakness as investors take profits after earnings.

No significant deal flow lined up.

IPOX Returns, Notable Company Movers:

· All IPOX Indexes fall, IPOX China (CNI) outperforms: Amid a spike in global risk with the VIX U.S Volatility Index (VIX: +13.72%) surging and profit taking after the big run-up, all IPOX Indexes retreated on the week. On the global level, the IPOX Global 50 (IPGL50) Index lost -1.75% to +4.26% YTD, -129 bps. more than benchmark MSCI World (MXWD). Weakness was broad-based and extended across the IPOX regions: In the U.S., the IPOX-linked First Trust U.S. IPO Fund (fund ticker: FPX) shed -1.43% to +8.45% YTD with worldwide hotel operator Marriot International (MAR US: -14.39%), cloud-related Fusion-IO (FIO US: -9.48%), residential mortgage service producer Nationstar Mortgage (NSM: -9.38%) or electric carmaker Tesla Motors (TSLA: -5.71%) in focus. While social network operator heavyweight Facebook (FB: -4.18%) retreated anew on secondary stock selling, discount retailer Dollar General (DG: +2.22%), vitamin retailer GNC (GNC: +5.67%), Solarcity (SCTY: +2.55%), Burger King Worldwide (BKW: +8.50%) or HomeAway (AWAY: +13.11%) bucked the weakness. Profit taking also pressured the IPOX Europe, with the IPOX Europe 30 (IXTE: +0.06%) lagging. Amid the revival in the European IPO market with Germany's private-equity backed chemicals company and DAX-30 candidate EURbn 14 Evonik Industries reviving plans for an April 2013 IPO, IPOX Europe's German-domiciled heavyweights Brenntag (BNR GY: +0.36%) and takeover candidate Kabel Deutschland (KD8 GY: +1.90%) hit a new weekly post-IPO high. Big moves across Asia-Pacific markets caused the IPOX Asia-Pacific (IPTA: +0.15%) to also lag benchmarks. While China-linked exposure slumped, Japan continued to trade firm on perceived policy actions. Amongst IPOX's Japanese exposure, snack-food maker USDbn 2.9 Calbee (2229 JT: +4.09%) closed the week at yet another fresh post-IPO high. Strong earnings from IPOX Asia-Pacific heavyweight Italian fashion maker Prada (1913 HK: +5.63%) underline the positive momentum in the luxury retail space. Notable is the continued slide in China-linked exposure with the FTSE China 25 (XIN0I: -4.35%) extending the three-trading week drop to a big -7.43%. While outperforming the benchmark, big declines in Financial stocks including broker CITIC Securities (6030 HK: -10.37%) or Ag Bank of China (1288 HK: -5.44%) also contributed to a slump in the IPOX China 20 (CNI: -3.09%). Longfor Properties (960 HK: +1.94%) rose against the trend. Amid a Goldman-Sachs (GS US)- led secondary offering aimed at increasing liquidity, China luxury retail shopping site operator Sequoia-backed USDbn 1.2 VIP Shop (VIPS US: -1.93% and +444.0% gain based on the first close) - one of only two IPOs of a U.S. IPO in 2012 - held most of its spectacular post-IPO gains last week.

· IPOX Indexes Comparative Price Returns:

Ticker (BBG/Reuters)	Week	2012	YTD 13
IPOX Global 50 (IPGL50) (USD)	-1.75	24.17	4.29
IPOX Global 30 (IPGL30)	-1.83	19.57	5.61
MSCI World (MXWD)	-0.46	13.44	4.10
IPOX U.S. 100 (IPXO)	-1.43	29.17	8.45
IPOX U.S. 30 (IPXT)	-0.99	28.86	7.50
S&P 500 (SPX)	-0.28	13.41	6.27
IPOX Europe 50 (IPXUJPEU) (EUR)	-0.31	6.09	5.22
IPOX Europe 30 (IXTE) (EUR)	0.06	0.03	5.73
STOXX 50 (SX5P) (EUR)	0.41	8.78	2.15
IPOX Asia-Pacific 30 (IPTA)	0.15	28.77	4.36
MSCI Asia-Pacific (MXPC)	1.31	10.97	4.89
IPOX China 20	-3.09	19.53	3.83
IPOX China Cp. (IPXUCHCP)	-4.60	18.93	1.88
FTSE China 25 (XIN0I)	-4.35	13.48	-2.46

· Notable IPOX Indexes Movers:

IPOX Index	Name	Size	Change	Ticker
U.S. 100	Marriott Vac.	Small	-14.39	VAC US
Global 50	Citic Securities	Large	-10.37	6030 HK
U.S. 100	Fusion-IO	Small	-9.48	FIO US
Global 50	Yandex	Mid	-8.03	YNDX US
Global 30	Facebook	Large	-4.18	FB US
U.S. 100	HomeAway	Small	+13.11	HOME US
U.S. 100	SSN&C	Small	+11.58	SSNC US
Global 30	Prada	Large	+5.63	1913 HK
Asia-Pacific	Calbee	Mid	+4.08	2229 JT
Asia-Pacific	MGM China	Mid	+2.05	2282 HK

Upcoming global IPOs (Week: 02/25/2013):

Company	Code	Day	Comment
Roma Group	8072 HK	02/25	Priced just above low end.

Roma Group (8072 HK) is a micro-cap provider of valuation and advisory serviced related to natural resources. The firm seeks to sell 25% for HKDm 100 to expand its R&D efforts.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

· IPOX Indexes mixed: Effects of more gains in IPOX U.S., IPOX EU mitigated by APAC, China weakness.

· U.S. IPOs debut strongly.

No significant deal flow as markets celebrate Chinese New Year. Feb. Option Expiration week ahead.

IPOX Returns, Notable Company Movers:

· IPOX Indexes close mixed, IPOX U.S.-linked ETF (TICKER: [[FPX]]) at new record:On the global level (IPGL50), more relative strength in the IPOX U.S. (IPXU, IPXT) and IPOX Europe (IXTE, IPXUJPEU) was unable to offset weakness amongst developed and emerging Asia portfolio members (IPTA, CNI). The IPOX Global 50 (IPGL50), capturing the performance of a selected list of the largest 50 global IPOs and Spin-Offs over a four-year rotational cycle, retreated -0.92% to +5.71%, 39 bps. more than benchmark MSCI World (MXWD).

· IPOX-U.S. linked ETF continues record run.:

The cross-section of individual stock returns in the IPOX universe was again characterized by a large skew in individual returns: For example, China's online luxury e-tailor VIP Shop (VIPS US), one of only two China IPOs in the U.S. last year, surged another +35.04% on stake building. Good earnings and online-gambling optimism propelled beleaguered Zynga (ZNGA US: +28.95%) to a multi-week high, while an upward revision in forecasts propelled IPOX heavyweight Japan Pan Airlines (9201 JT: +16.45%) to a fresh post-IPO high. Notable is the continued relative strength in IPOX Europe (IXTE, IPXUJPEU) which recorded another week of strong absolute and relative gains. NZ online market-place and IPOX APAC (IPTA: -0.94%) member TradeMe (TME AU: +4.15%) surged ahead of news on its inclusion in the country's main benchmark index. Mainland China-linked stocks traded in H.K. retreated with Financials and Property developers pushing the FTSE China 25 Index (XINOI: -4.62%) back to near unchanged for the year. Index spreads of key Chinese benchmarks continued to widen in favor of IPOX China (CNI: -2.40%) which has now extended the YTD relative lead versus XIN0I to a big 464 bps.

· IPOX Indexes Comparative Price Returns:

Ticker (BBG/Reuters)	Week	2012	YTD 13
IPOX Global 50 (IPGL50) (USD)	-0.92	24.17	5.71
IPOX Global 30 (IPGL30)	-0.67	19.57	6.91
MSCI World (MXWD)	-0.53	13.44	4.74
IPOX U.S. 100 (IPXO)	0.80	29.17	9.46
IPOX U.S. 30 (IPXT)	0.53	28.86	8.37
S&P 500 (SPX)	0.32	13.41	6.43
IPOX Europe 50 (IPXUJPEU) (EUR)	0.75	6.09	4.82
IPOX Europe 30 (IXTE) (EUR)	0.58	0.03	4.82
STOXX 50 (SX5P) (EUR)	-0.53	8.78	1.88
IPOX Asia-Pacific 30 (IPTA)	-0.94	28.77	4.22
MSCI Asia-Pacific (MXPC)	0.95	10.97	4.65
IPOX China 20 (CNI)	-2.40	19.53	4.96
IPOX China Cp. (IPXUCHCP)	-1.57	18.93	4.93
FTSE China 25 (XIN0I)	-4.63	13.48	0.32

· Notable IPOX Indexes Movers:

IPOX Index	Name	Size	Change	Ticker
IPOX CHINA	VIP Shop	Small	+35.04%	VIPS US
IPOX U.S.	Zynga	Mid	+28.95%	ZNGA US
IPOX APAC	Japan Airlines	Large	+16.45%	9201 JT
IPOX EU	Global Ports	Large	+10.65%	GLPR LI
IPOX U.S.	Rest. Hardware	Mid	+7.87%	RH UN
IPOX CHINA	China Minsheng	Large	-11.26%	1988 HK
IPOX CHINA	Longfor Proper.	Large	-7.19%	960 HK
IPOX U.S.	Burger King	Mid	-7.14%	BKW US
IPOX APAC	Sands China	Large	-6.79%	1928 HK
IPOX GLOBAL	Ag Bank China	Mega	-6.39%	1288 HK

· Significant IPOs Traded (Week: 02/04/2013)/Others:

Company	Ticker	Return/IPO/week
Asiacell Communications	TASC IQ	6.14%
Worree E&L	153490 KS	3.27%
PanAsialum	2078 HK	-17.68%
Time Watch Investment	2033 HK	2.22%
Boise Cascade	BCC US	31.24%
ExOne Co./The	XONE US	67.22%
Iones Co.	114810 KS	12.89%
New Source Energy Partners	NSLP US	-2.55%
Health Insurance Innovation	HIIQ US	-2.14%
Zais Financial	ZFC US	-6.12%
Linx	LINX3 BZ	18.52%

11 notable IPOs priced last week with the average (median) IPO gaining +10.27% (+3.27%). While the weekly APAC/Hong Kong IPO vintage (2078 HK, 2033 HK, etc.) traded mixed, the key U.S. deals (BCC US, XONE US) underlined the strong U.S. equity risk appetite and indiscriminate demand enforced by positive feed-back with the respective deals pricing at the top end and trading significantly higher thereafter. While to "OGX-overhang" led Brazil's energy explorer QGOG to postpone its NY IPO, software solutions provider small-cap Linx (LINX3 BZ: +18.52%) had a successful start as a publicly traded firm.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

· IPOX Indexes rise with benchmarks.

· IPOX U.S., IPOX Asia-Pacific extend record run, big divergence in individual stock returns after earnings.

Key U.S. IPOs debut strongly, more deal flow ahead.

IPOX Returns, Notable Company Moves:

· IPOX Indexes Comparative Price Returns:

Ticker (BBG/Reuters)	Week	2012	YTD 13
IPOX Global 50 (IPGL50) (USD)	0.91	24.17	6.69
IPOX Global 30 (IPGL30)	0.76	19.57	7.63
MSCI World (MXWD)	0.75	13.44	5.30
IPOX U.S. 100 (IPXO)	0.86	29.17	8.60
IPOX U.S. 30 (IPXT)	0.60	28.86	7.80
S&P 500 (SPX)	0.68	13.41	6.10
IPOX Europe 50 (IPXUJPEU) (EUR)	-0.27	6.09	4.04
IPOX Europe 30 (IXTE) (EUR)	-0.42	0.03	4.21
STOXX 50 (SX5P) (EUR)	-0.73	8.78	2.42
IPOX Asia-Pacific 30 (IPTA)	1.17	28.77	5.21
MSCI Asia-Pacific (MXPC)	1.03	10.97	3.67
IPOX China 20 (CNI)	2.56	19.53	7.55
IPOX China Cp. (IPXUCHCP)	1.39	18.93	6.61
Hang Seng Enprs. (HSCEI)	1.78	15.09	6.81

· Notable IPOX Indexes Movers:

IPOX Index	Name	Size	Change	Ticker
IPXO	Freescale Semi.	Mid-Cap	+23.23%	FSL US
IPXO	Fortinet	Mid-Cap	+13.27%	FTNT US
IPGL30	Phillips 66	Large-Cap	+10.46%	PSX US
IPTA	Calbee	Mid-Cap	+9.32%	2229 JT
IPGL50	Telefonica DE	Large-Cap	+8.18%	O2D GY
IPXO	Fusion-io	Mid-Cap	-19.31%	FIO US
IPXO	ServiceNow	Mid-Cap	-9.74%	NOW US
IXTE	EDP Reno.	Mid-Cap	-7.28%	EDPR PL
IPGL30	Facebook	Large-Cap	-5.74%	FB US
IPGL50	Santander Mex.	Large-Cap	-4.85%	BSMX US

· Significant IPOs Traded (Week: 01/28/2013)/Others:

Company	Ticker	Return/IPO/wk(%)
Gladstone Land	LAND US	0.00%
TRI Pointe Homes	TPH US	11.76%
Chinalco Mining Corporation	3668 HK	-5.71%
Zoetis	ZTS US	19.27%
LEG Immobilien	LEG GR	0.11%

7 IPOs debuted with the average (median) IPO gaining +4.70% (+0.11%). Real-estate related deals (LAND US, LEG GR, TPH US) got easily done. The strong reception to the week's biggest deal, the IPO of USDbn 15.5 Pfizer-spin-off Zoetis (ZTS US) with the company able to price the deal above range, underlines significant (risk) appetite for U.S. IPOs. H.K.'s only deal, the IPO of Chinalco Mining (3668 HK: -5.71%) fell from its final offering price on the week.

· Upcoming global IPOs/Others - U.S. IPOs in focus:

Company	Code	Date	Comment
PanAsialum	2078 HK	2/5/	Priced above middle of range.
Time Watch	2033 HK	2/5/	Priced @ top end of range.
Boise Cascade	BCC US	2/6/	P/E backed, sells 28.37%
Health Ins. Inn.	HIIQ US	2/7/	Tech-IPO linked to heath care
New Source E.	NSLP US	2/7/	Oil&Gas Unit MLP
QGOG Constell.	QGOG US	2/7	Brazilian Oil&Gas explorer.
ZAIS Financial	ZFC US	2/7	Srvs. linked to resid. Mortg.
AutoGenomics	AGMS US	2/8	Small, Healthcare products.

Eight notable global IPOs are scheduled for the upcoming week. While the OGX (OGXP3 BZ: -66.12% since IPO) "overhang" must enter pricing expectations for Brazils QGOG (QGOG US), we expect initial pricing sentiment for all other deals to be driven by indiscriminate positive feed-back with focus on BCC US, HIIQ US and NSLP US.

· IPOX Indexes extend gains :On the global level, the IPOX Global 50 (IPGL50) rose +0.91% to +6.69% YTD. In the cross-section, a good average earnings picture and relentless stock market momentum pushed the IPOX U.S. (IPXT, IPXO) and IPOX Asia-Pacific (IPTA) to new all-time closing highs. For example, the IPOX U.S.-linked First Trust U.S. IPO Index Fund (FPX), which captures USDbn 608 of U.S. stock market capitalization amongst a diversified set of 100 U.S. IPOs and Spin-Offs over the past four years, extended its gains for the month of January, rising +8.03% vs. +5.12% for the S&P 500-linked ETF (SPY). Amid a surge in trading volume and assets and a beta of 0.93, the Fund NAV has increased by +40.01% since 1/1, 2012 vs. +20.51% for the ETF linked to the S&P 500 and +25.70% for the ETF linked to the S&P 400 Mid-Cap (MDY). The negative impact of big falls in select tech holdings including ServiceNow (NOW US:-9.74%), Fusion-io (FIO US: -19.31%) and Facebook (FB US: -5.74%) was more than mitigated by a big week in the 11/12 U.S. refinery spin-offs with Berkshire holding Phillips 66 (PSX US: +10.46%) closing at a post-spin-off high. We note continued relative strength in the IPOX Europe universe (IXTE, IPXUJPEU) with 12/12 IPO Telefonica Deutschland (O2D GY: +8.18%) leading the way. Amid strong earnings, red-hot Japanese Snack-food maker USD 2bn Calbee (2229 JT: +9.32%) reclaimed the spot-light in the IPOX Asia-Pacific Universe (IPTA).

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

All other IPOX Strategies (IPOX Europe, IPOX Asia-Pacific, IPOX China) traded lower or in line with the benchmarks: For example, the IPOX Asia-Pacific 30 (IPTA) fell by -136 bps. vs. the MSCI Asia-Pacific (MXPC). While the broad TOPIX (TPX: +2.82%) rose, select Japanese IPOX members including snack-food producer and MSCI Japan inclusion Calbee (2229 JT: -4.36%) or pharma stock Otsuka Holdings (4578 JP: -1.76%) weakened. The IPOX Europe (IXTE, IPXUJPEU) and IPOX China (CNI, IPXUCHCP) traded broadly in line with the benchmarks.

· Upcoming global IPOs (Week: 11/19/2012):

Company	Code	Date	Lead
Alon USA Partners	ALDW US	11/19	CITI, CS
Hudson's Bay Co	HBC CN	11/19	BMO, ML
YY Inc	YY US	11/20	CITI, DB
CIFI Holdings Group	884 HK	11/23	BOCOM, CITI

Amid a shortened U.S. trading week, a number of IPOs are set to debut: Amongst the notable deals is dividend play Hudson's Bay Co. (HBC CN), the key Canadian/US department store operator which seeks to raise around USD 400m on the TSE, valuing the firm at USDbn 2.6. Chinese social media firm YY Inc. (YY US) is the first IPO of a Chinese firm in the U.S. since March 23 and seeks to raise up to USD 100m at a total firm value between USDm 559-665 or a steep 11-13 times 2012 expected revenue. The previous two Chinese IPOs in the U.S. have traded decidedly mixed over the short term: Since 10/1, e.g., while brand name China e-tailer VIP Shop (VIPS US) has surged by +52.13%, HK consultancy Acquity Group (AQ US) has slumped by -32.38%. Ahead of the expected IPO of PICC in December, Shanghai-based property developer CIFI Holdings (884 HK) followed many other 2012 HSE IPOs by pricing at the bottom of the indicative range: The company eventually raised USDm 215 for 21.75% of total equity.

Despite U.S. holiday week, global IPOs set to price.

IPOX Returns, IPOs Priced and Upcoming:

· Key IPOX Strategies fall just slightly: IPOX U.S. 30 (IPXT) rises, IPOX U.S. and IPOX Global outperformance rises to highest YTD 2012.

· IPOX heavyweight social networker Facebook (FB) reverses course again, surges.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.