The global market for initial public offerings (IPOs) slowed in the first quarter, according to new data from emerging markets investment bank Renaissance Capital.

The firm reports that global IPO issuance slowed in the first quarter, with proceeds for the quarter coming in at US$31.3 billion, down 11.4% year-over-year. The number of deals was down even more sharply, declining by 18.1% from the same quarter in 2014.

IPO issuance in most regions dropped significantly year-over-year, the firm says. Europe was one notable exception, it says, as the region saw its deal activity boosted by the listing of several large, multi-billion dollar IPOs — including its eighth largest IPO of all-time, Spanish airport operator Aena’s US$4.8 billion debut.

Issuance in the Asia Pacific region was also substantial, the firm says, thanks to China A-share IPOs, which raised US$4.7 billion during the quarter.

The North American IPO market placed a distant third, it reports, raising just US$4.1 billion during the quarter. “U.S. issuance was slowed this quarter as proceeds from the historically active energy and technology sectors fell due to the significant drop in oil prices and the increased availability of private funding, respectively,” it says.

In terms of IPO performance, Renaissance Capital says that “the stellar performance” of these Chinese IPOs, drove a 62% average return for global IPOs overall. “As long as IPOs continue to generate positive returns we expect global IPO issuance to remain active for the remainder of 2015,” it says.