As last week brought the first official day of summer, the new issuance market saw an increase in temperature as 18 deals (6 IPOs, 7 FOs, 3 BLKs, and 2 CVTs) priced for aggregate proceeds of $5.1B.
In U.S. economic news, retail sales for May fell 0.3%, reversing course from last month’s 0.4% gain, and coming in lower than estimates of a 0.1% increase. Elsewhere, U.K. retail sales including auto fuel for May fell 1.2% month-on-month, reversing the 2.5% increase in April, and below economists’ estimates of of a 0.8% decline. Finally, GDP in New Zealand increased 0.5% on quarter in the first-quarter of 2017.
As the Golden State Warriors were crowned champions of the NBA for the second time in three years, the new issuance market slowed to 14 deals (2 IPOs, 8 FOs, 3 BLKs, and 1 CVT) for $2.1B in aggregate proceeds.
As the Golden State Warriors marched toward history, taking their undefeated playoff streak through the third game of the NBA Finals, the capital markets showed resilience as 18 deals (2 IPOs, 6 FOs, 6 BLKS, and 4 CVTs) came to market last week for aggregate proceeds of $4.9B.