Morgan Stanley

Chinese online tutorial platform GSX Techedu is seeking approval for an American Depository Shares (ADS) listing on Nasdaq, as fellow Chinese company DouYu waits for more stable market conditions before commencing pre-marketing for its own $500m ADS offering.

The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.

The European Investment Bank enjoyed stellar demand for a $3bn five year deal on Wednesday, with lack of competing supply encouraging investors to turn out in droves, despite the skinny premium on offer.

Chinese e-sport streaming platform DouYu is waiting for more stable market conditions before commencing pre-marketing for its $500m IPO of American Depository Shares (ADS).

The European Investment Bank is out with initial price thoughts on a $3bn 2024 bond, offering investors a premium to its bigger five year deal in January.

Luckin Coffee has covered books after the first day on the road for its up to $510m Nasdaq IPO. And to add to the proceeds, the firm is concurrently selling ordinary shares to merchant firm Louis Dreyfus Co.

General Atlantic and Index Ventures, two pre-IPO shareholders in Dutch payments firm Adyen, hit the market on Thursday night to sell a €750m block of shares in the company.

The shares of Chinese plastic surgery social network So-Young International surged on their first day trading on the Nasdaq, after the firm priced its hot IPO at the top of guidance.

US bond bankers are looking forward to a bumper May, with a slew of big ticket M&A financings set to hit the dollar market within days. Bristol-Myers Squibb announced a roadshow on Thursday for a deal that is expected to be around $21bn, to help fund its acquisition of Celgene.

Shares in Tesla, the US maker of electric vehicles, gained as much as 2.8% on Thursday morning after the company announced it would raise up to up to $2.3bn of capital by selling new shares and convertible bonds to strengthen its balance sheet following a net loss of $702m in the first quarter of the year.

The Securities & Exchange Board of India (Sebi) dealt a fresh blow to India’s National Stock Exchange’s long-delayed IPO plans this week.

China’s Yingde Gases Group has received a strong response in the loan market for its $300m three year facility.