Morgan Stanley

New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.

The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.

The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.

An extensive global roadshow paid off for Bangkok Bank’s dual-tranche $1.2bn outing on Wednesday, with a strong turnout from accounts in the US as well as Asia.

X Financial opened books on Thursday for a $121m listing on the New York Stock Exchange, as bankers believe the worst is over for China’s beleaguered peer-to-peer lending sector.

A jumbo €1.5bn block has been launched in Adyen, the Dutch payments processing company, on behalf of a number of the pre-IPO shareholders, after the stock closed up 8.2% to give Adyen a bigger market capitalisation than Deutsche Bank.

Nio, the electric car company nicknamed China’s Tesla, priced its $1bn New York Stock Exchange IPO on Wednesday off the floor.

Viomi Technology, the internet-of-things affiliate of Chinese smartphone maker Xiaomi, opened books on Tuesday for its $125.4m Nasdaq flotation.

The Inter-American Development Bank and KfW drew strong demand in the dollar SSA market on Tuesday, with the former issuing just the fourth 10 year dollar benchmark from an SSA of the year.

Public sector euro benchmark supply is set to restart after a lull last week, with a eurozone sovereign and a French agency hitting screens on Monday for pricing on Tuesday.

Studio City International Holdings, the Macau-based casino resort, has filed publicly for an IPO in the US with an indicative size of $115m.

Nio’s IPO on the New York Stock Exchange is set to escape the rout in emerging market stocks mostly unscathed, with its $1.3bn float covered ahead of pricing on Tuesday.