European companies are on course to outstrip their US counterparts for equity capital markets issuance for the first time since 2009, following a “catch-up” year for IPOs in Europe.

According to data from Dealogic, European companies so far account for $274.8 billion of global ECM issuance, compared with $261.5 billion from US companies. The last time this happened over a full-year period was in 2009.