AMERICAS

摘要

The final week of business for US ECM saw several large block trades, but it was largely a quiet finish to the year, as expected. Only one IPO priced. Chinese online peer-to-peer lender yirendai, which raised US$75m at the midpoint of its marketing range, opened flat on its NYSE debut on Friday and traded down as much as 16.5% early on in a tough session and in a disappointing end to the year. With Yirendai, only two IPOs priced in December. On Thomson Reuters data, this was the slowest month for new issues since October 2011 (also two deals). Wednesday's FOMC decision was a distraction for investors, but IPO deal flow had already dried up due to poor aftermarket performance and the difficult final quarter for the hedge funds that underpin much of the demand for new issues.