AMERICAS

摘要

Earnings distractions and disappointing outcomes on the procession of biotech IPOs made for a subdued week in ECM, though Friday's robust debut of columbia pipeline partners, the first US$1bn-plus IPO of the year and the biggest MLP IPO ever, proved a highlight (See Top News). Last week started with 10 companies seeking to price IPOs, but only two priced for proceeds of more than US$50m (Columbia and easterly government properties) and the other that priced (Nexvet Biopharma) failed to reach that threshold, raising only US$40m. Columbia, also the first MLP IPO of the year, opened with a 22% gain, underlining the demand for yield-oriented investments.