The Wall Street Journal - 21.10.2019

THE WALL STREET JOURNAL. Monday, October 21, 2019 |B7

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Compare the performance of selected

global stock indexes, bond ETFs,

currencies and commodities at

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Public Offerings of Stock

IPOs in the U.S. Market

Initial public offerings of stock expected this week; might include some

offerings, U.S. and foreign, open to institutional investors only via the

Rule 144a market; deal amounts are for the U.S. market only

Symbol/ Pricing

Expected primary Shares Range($)

pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)

10/23 7/12 OneWater Marine ONEW 3.2 18.00/GS, Raymond James

Owner of boat retail

dealership.

Nq 20.00

10/23 9/23 BRP Group BRP 16.4 14.00/JPM, BofA, Merrill,

Insurance distribution firm

providing risk

management, insurance

and employee benefit

services.

Nq 16.00Jefferies, WFS

10/24 9/27 Progyny PGNY 10.0 14.00/JPM, GS,

Focused on advancing

women s reproductive

health.

Nq 16.00BofA ML, Citi

10/24 9/30 Youdao DAO 5.6 15.00/Citi, MS, China Int'l,

Software company

operating an online

learning platform.

N 18.00Credit Suisse,

HSBC

10/24 9/30 Cabaletta Bio CABA 5.8 14.00/MS, Cowen & Co,

Biopharmaceutical

company developing T cell

therapies for autoimmune

diseases.

Nq 16.00Evercore

10/24 9/30 Phathom Pharmaceuticals PHAT 7.9 18.00/GS, Jefferies, Evercore

Provider of

biopharmaceutical

services focused on

treating gastrointestinal

diseases.

Nq 20.00

10/24 9/30 Aesthetic Medical International Holdings AIH 7.5 11.00/Cantor Fitzgerald & Co,

Provider of surgical and

other aesthetic

treatments.

Nq 13.00Haitong Sec,

Prime Number

Cptl, Maxim Grp

Lockup Expirations

Below, companies whose officers and other insiders will become eligible

to sell shares in their newly public companies for the first time. Such

sales can move the stock’s price.

Lockup Offer Offer amt Through Lockup

expiration Issue date Issuer Symbol price($) ($ mil.) Friday (%) provision

Oct. 26 April 29, ’19Wah Fu Education Group WAFU 5.00 7.5 –45.4 180 days

Sources: Dealogic; WSJ Market Data Group

IPO Scorecard

Performance of IPOs, most-recent listed first

% Chg From % Chg From

Company SYMBOL Friday's Offer 1st-day Company SYMBOL Friday 3 s Offer 1st-day

IPO date/Offer price close ($)price close IPO date/Offer price close ($)price close

Galileo Acquisition 10.04 0.4 ... Vir Biotechnology 13.66 –31.7 –2.6

GLEO.U Oct. 18/$10.00 VIR Oct. 11/$20.00

Union Acquisition II 10.10 1.0 ... BioNTech 14.14 –5.7 –0.7

LATNU Oct. 18/$10.00 BNTX Oct. 10/$15.00

BellRing Brands 16.35 16.8 –0.9 Aprea Thera 21.40 42.7 4.4

BRBR Oct. 17/$14.00 APRE Oct. 3/$15.00

Innate 6.14 11.6 1.5 Frequency Thera 13.10 –6.4 –4.4

IPHA Oct. 17/$5.50 FREQ Oct. 3/$14.00

HBT Financial 15.86 –0.9 2.1 Viela Bio 20.87 9.8 –10.9

HBT Oct. 11/$16.00 VIE Oct. 3/$19.00

Sources: Dow Jones Market Data; FactSet

Other Stock Offerings

Secondaries and follow-ons expected this week in the U.S. market

None expected this week

Off the Shelf

“Shelf registrations” allow a company to prepare a stock or bond for

sale, without selling the whole issue at once. Corporations sell as

conditions become favorable. Here are the shelf sales, or takedowns,

over the last week:

Takedown date/ Deal value

Issuer/Industry Registration date ($ mil.) Bookrunner(s)

PagSeguro Digital Oct. 17 $653.3 GS, MS, BofA, Merrill,

Computers & Electronics Oct. 15, 319 Citi, Credit Suisse

Principia Biopharma Oct. 15 $241.5 BofA ML,

Healthcare Oct. 1, 319 SVB Leerink, WFS

ProQR Therapeutics Oct. 15 $57.5 Citi, Evercore

Healthcare Nov. 7, 318

Rhythm Pharmaceuticals Oct. 15 $150.0 MS, GS,

Healthcare Nov. 9, 318 Cowen & Co

Natera Oct. 16 $200.0 JPM, MS, Cowen & Co,

Healthcare Oct. 15, 319 Piper Jaffray

Dolphin Entertainment Oct. 17 $2.1 Maxim Grp

Leisure & Recreation Feb. 2, 318

Public and Private Borrowing

Treasurys

Monday, October 21 Tuesday, October 22

Auction of 13 and 26 week bills; Auction of 2 year note;

announced on October 17; settles on October 24announced on October 17; settles on October 31

Wednesday, October 23 Thursday, October 24

Auction of 2 year FRN; Auction of 4 and 8 week bill;

announced on October 17; settles on October 31announced on October 22; settles on October 29

Auction of 5 year note; Auction of 7 year note;

announced on October 17; settles on October 31announced on October 17; settles on October 31

Public and Municipal Finance

Deals of $ 150 million or more expected this week

Sale maturity IssuerFinal ($mil.) Fitch Moody’s S&P Bond Counsel(s)Total Rating Bookrunner/

Oct. 22Feb. 15, 2044Harris (Cypress- 318.0N.R. N.R. N.R. Citi/

Fairbanks) ISD Bracewell LLP/

Bates & Coleman PC

Oct. 22 prelim. Massachusetts 1,400.0 N.R. N.R. N.R. Preliminary/—

Oct. 24Oct. 1, 2049Hoover Industrial 275.0N.R. N.R. N.R. M. Stanley/

Dev Board Kutak Rock

Oct. 24 prelim. Rutgers State 600.0N.R. N.R. N.R. M. Stanley/

University McCarter & English

Oct. 25 prelim. Honolulu City & 413.5N.R. N.R. N.R. BoA Merrill/—

Co-Hawaii

Source:Thomson Reuters/Ipreo

Commodities and

Currencies

Last Week YTD

Close Net chg % Chg % chg

DJ Commodity 616.31 -1.09 -0.18 7.58

TR/CC CRB Index 175.75 -0.28 -0.16 3.50

Crude oil, $ per barrel 53.78 -0.92 -1.68 18.43

Natural gas, $/MMBtu 2.320 0.106 4.79 -21.09

Gold, $ per troy oz. 1488.20 5.50 0.37 16.42

U.S. Dollar Index 97.24 -1.06 -1.08 1.11

WSJ Dollar Index 90.48 -0.84 -0.91 0.90

Euro, per dollar 0.8953 -0.0107 -1.18 2.69

Yen, per dollar 108.41 0.03 0.03 -1.08

U.K. pound, in dollars 1.30 0.0326 2.58 1.69

52-Week

LowClose(l) High % Chg

DJ Commodity 572.87 l 639.65 -2.39

TR/CC CRB Index 167.89 l 197.25 -10.87

Crude oil, $ per barrel 42.53 l 69.17 -22.19

Natural gas, $/MMBtu2.070 l 4.837 -28.62

Gold, $ per troy oz. 1199.20 l1550.30 21.46

U.S. Dollar Index 95.22 l 99.38 1.60

WSJ Dollar Index 88.65 l 91.99 0.65

Euro, per dollar 0.8662 l 0.9174 3.08

Yen, per dollar 105.30 l 114.06 -3.67

U.K. pound, in dollars 1.20 l 1.33 -0.70

Treasury yield curve

Yield to maturity of current bills,

notes and bonds

0.00

1.00

2.00

3.00

4.00%

1

month(s)

3 6 1

years

235710 30

maturity

t

Friday

t

One year ago

Forex Race

Yen, euro vs. dollar; dollar vs.

major U.S. trading partners

–8

–4

0

4

8%

20182019

Euro

s

Yen

s

WSJ Dollar index

s

Sources: Ryan ALM; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Spread +/- Treasurys,

Yield (%) in basis pts, 52-wk Range Total Return

Bond total return index Last Wk ago Last Low High 52-wk 3-yr

10-yr Treasury , Ryan ALM 1.747 1.748 16.270 2.35

DJ Corporate n.a. 2.948 n.a. n.a.

Aggregate , Barclays Capital 2.300 2.310 n.a. 42 55 10.89 3.01

High Yield 100 , Merrill Lynch 5.242 5.378 346 321 509 7.125 5.268

Fixed-Rate MBS , Barclays 2.550 2.520 n.a. 32 57 8.61 2.39

Muni Master , Merrill 1.684 1.633 9 5 21 8.843 3.210

EMBI Global , J.P. Morgan 5.190 5.194 332 331 441 12.702 4.279

Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch

Consumer Rates and Returns to Investor

U.S. consumer rates

A consumer rate against its

benchmark over the past year

1.00

2.00

3.00

4.00

5.00%

2018

NDJ

2019

FMAMJJASO

t

5-year adjustable-

rate mortgage

(ARM)

t

5-year Treasury

note yield

Selected rates

Five-year ARM, Rate
Bankrate.com avg†: 4.32%
American Airlines Federal Credit Union 2.88%
Ft Worth, TX 800-533-0035
Citadel Federal Credit Union 2.88%
Exton, PA 800-666-0191
Capitol Federal Svgs Bk 3.00%
Shawnee, KS 800-222-7312
Haven Savings Bank 3.13%
Hoboken, NJ 201-659-3600
Glenview State Bank 3.25%
Glenview, IL 847-729-1900
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 1.75-2.00 1.75-2.00 1.75 l 2.25 *1.50
Prime rate 5.00 5.00 5.00 l 5.50 1.50
Libor, 3-month 1.95 2.00 1.95 l 2.82 1.07
Money market, annual yield 0.73 0.73 0.41 l 0.78 0.45
Five-year CD, annual yield 1.49 1.53 1.49 l 2.07 0.29
30-year mortgage, fixed† 3.91 3.76 3.60 l 4.99 0.33
15-year mortgage, fixed† 3.33 3.23 3.14 l 4.34 0.50
Jumbo mortgages, $484,350-plus† 4.33 4.29 4.16 l 5.06 -0.03
Five-year adj mortgage (ARM)† 4.32 4.11 3.94 l 4.86 1.15
New-car loan, 48-month 4.50 4.65 4.49 l 4.81 1.50*
Bankrate.com rates based on survey of over 4,800 online banks. Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com

Dow Jones Industrial Average

26770.20 t46.39, or 0.17% last week

High, low, open and close for each of
the past 52 weeks

LastYear ago

Trailing P/E ratio

P/E estimate *

Dividend yield

All-time high

19.34 22.23

17.89 16.45

2.32 2.20

27359.16, 07/15/19

20000

21000

22000

23000

24000

25000

26000

27000

ON D J F M A M J J A S O

Current divisor 0.14744568353097

Bars measure the point change from Monday's open

tt

Week's high

Week's low

Monday's open

Friday's close Monday's open

Friday's close

DOWN UP

Primary

market ttComposite

65-day moving average

200-day moving average

NYSE weekly volume , in billions of shares

0

8

16

24

ON D J F M A M J J A S O

S&P 500 Index

2986.20 s15.93, or 0.54% last week

High, low, open and close for each of

the past 52 weeks

Last Year ago

Trailing P/E ratio *

P/E estimate *

Dividend yield *

All-time high

23.50 22.77

18.15 17.10

1.93 1.89

3025.86, 07/26/19

2300

2400

2500

2600

2700

2800

2900

3000

ON D J F M A M J J A S O

65-day moving average

200-day moving average

Nasdaq Composite

s32.50, or 0.40%

last week

8180

8120

8060

8000

11

October

1415161718

DJ US TSM

s168.84, or 0.56%

last week

30800

30600

30400

30200

11

October

1415161718

International Stock Indexes

Latest Week 52-Week Range YTD

Region/Country Index Close % chg Low Close High % chg

World The Global Dow 3045.56 0.82 2631.29 • 3120.04 11.4

DJ Global Index 403.61 0.83 335.69 • 408.65 15.0

DJ Global ex U.S. 246.67 1.21 217.71 • 251.58 10.8

Americas DJ Americas 704.56 0.49 558.25 • 716.56 18.7

Brazil Sao Paulo Bovespa 104728.89 0.86 83063.56 •105817.06 19.2

Canada S&P/TSX Comp 16377.12 –0.23 13780.19 • 16899.69 14.3

Mexico S&P/BMV IPC 43178.63 –0.08 38574.18 • 47437.45 3.69

Chile Santiago IPSA 3722.44 1.09 3303.90 • 4030.52 –1.1

EMEA Stoxx Europe 600 391.84 0.06 329.58 • 394.02 16.0

Stoxx Europe 50 3216.53 –0.40 2696.36 • 3255.74 16.5

Eurozone Euro Stoxx 385.41 0.27 321.36 • 387.50 17.3

Euro Stoxx 50 3579.41 0.27 2937.36 • 3599.25 19.3

Austria ATX 3048.27 1.42 2681.25 • 3301.38 11.0

Belgium Bel-20 3757.78 0.80 3164.98 • 3860.17 15.9

France CAC 40 5636.25 –0.52 4598.61 • 5702.05 19.1

Germany DAX 12633.60 0.97 10381.51 • 12670.11 19.6

Greece Athex Composite 862.58 0.77 593.05 • 899.93 40.6

Israel Tel Aviv 1648.74 2.31 1419.50 • 1657.49 12.6

Italy FTSE MIB 22321.77 0.71 (^18065) • 22428 21.8

Netherlands AEX 572.72 –0.81 476.03 • 583.26 17.4

Portugal PSI 20 4977.16 –0.54 4587.45 • 5420.07 5.2

Russia RTS Index 1355.27 1.93 1048.71 • 1411.53 26.8

South Africa FTSE/JSE All-Share 55722.79 0.33 50434.39 • 59544.80 5.7

Spain IBEX 35 9329.80 0.60 8363.9 • 9581.9 9.2

Sweden OMX Stockholm 636.57 2.04 515.36 • 636.57 21.2

Switzerland Swiss Market 9965.49 –0.52 8195.64 • 10098.59 18.2

U.K. FTSE 100 7150.57 –1.33 6584.68 • 7686.61 6.3

Asia-Pacific

Australia S&P/ASX 200 6649.70 0.65 5467.6 • 6845.1 17.8

China Shanghai Composite 2938.14 –1.19 2464.36 • 3270.80 17.8

Hong Kong Hang Seng 26719.58 1.56 24585.53 • 30157.49 3.4

India S&P BSE Sensex 39298.38 3.07 33349.31 • 40267.62 9.0

Japan Nikkei Stock Avg 22492.68 3.18 19155.74 • 22614.82 12.4

Malaysia FTSE Bursa Malaysia KLCI 1571.15 0.92 1551.23 • 1732.14 –7.1

Singapore Straits Times 3114.16 0.01 2966.45 • 3407.02 1.5

South Korea Kospi 2060.69 0.79 1909.71 • 2248.63 1.0

Taiwan TAIEX 11180.22 2.67 9382.51 • 11186.88 14.9

Source: FactSet; Dow Jones Market Data

Major U.S. Stock-Market Indexes

Latest Week 52-Week % chg

High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.

Dow Jones

Industrial Average 27120.1126749.18 26770.20 -46.39 -0.17 21792.20 l 27359.16 5.2 14.8 13.8

Transportation Avg 10564.7910199.06 10508.74 216.76 2.11 8637.15 l 11098.99 0.7 14.6 9.5

Utility Average 868.26 852.54 866.01 -0.65 -0.08 692.00 l 880.5 16.0 21.5 9.4

Total Stock Market 30745.2830278.56 30532.11 168.84 0.56 24126.04 l31091.22 7.2 18.7 11.3

Barron's 400 683.76 673.25 681.99 6.82 1.01 571.68 l 720.53 -2.5 11.9 8.0

Nasdaq Stock Market

Nasdaq Composite 8183.64 8036.41 8089.54 32.50 0.40 6192.92 l 8330.21 8.6 21.9 15.5

Nasdaq 100 7981.14 7827.16 7868.49 24.62 0.31 5899.35 l 8016.95 10.7 24.3 17.6

S&P

500 Index 3008.29 2962.94 2986.20 15.93 0.54 2351.10 l 3025.86 7.9 19.1 11.8

MidCap 400 1940.81 1902.52 1936.76 20.19 1.05 1567.40 l 1986.8 3.5 16.5 8.2

SmallCap 600 956.11 926.79 950.37 14.77 1.58 793.86 l 992.06 -1.2 12.5 8.8

Other Indexes

Russell 2000 1542.66 1499.98 1535.48 23.58 1.56 1266.93 l 1614.98 -0.4 13.9 8.0

NYSE Composite 13078.1212883.96 13006.64 79.72 0.62 10769.83 l 13239.87 4.4 14.4 7.2

Value Line 520.46 509.03 517.59 4.08 0.79 446.06 l 552.12 -4.2 9.6 3.0

NYSE Arca Biotech 4325.27 4186.30 4279.59 63.53 1.51 3890.37 l 5261.79 -12.4 1.4 11.8

NYSE Arca Pharma 595.84 581.90 587.62 4.74 0.81 535.91 l 612.45 0.4 3.3 5.7

KBW Bank 101.52 97.86 100.99 2.40 2.43 80.78 l 103.12 1.2 17.7 12.0

PHLX§Gold/Silver 91.13 86.84 90.53 1.61 1.81 61.84 l 101.76 29.2 28.1 2.0

PHLX§Oil Service 66.58 62.85 62.86 -2.51 -3.83 59.66 l 137.69 -54.3 -22.0 -27.4

PHLX§Semiconductor 1629.53 1575.29 1590.09 -1.04 -0.07 1069.39 l 1625.69 29.7 37.7 25.0

CBOE Volatility 16.50 13.31 14.25 -1.33 -8.54 12.01 l 36.07 -28.4 -43.9 -2.3


Nasdaq PHLX Sources: FactSet; Dow Jones Market Data

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Benchmark Yields and RatesBenchmark Yields and Rates

New to the Market

MARKETS DIGEST

Currencies

U.S.-dollar foreign-exchange rates in late New York trading

US$ vs,

Fri YTD chg

Country/currency in US$ per US$ (%)

Americas

Argentina peso .0172 58.2780 54.8

Brazil real .2431 4.1127 6.0

Canada dollar .7619 1.3126 –3.8

Chile peso .001407 710.70 2.4

Colombia peso .000292 3426.50 5.5

Ecuador US dollar 11 unch

Mexico peso .0523 19.1104 –2.7

Uruguay peso .02678 37.3400 15.3

Asia-Pacific

Australian dollar .6854 1.4590 2.9

China yuan .1412 7.0817 3.0

Hong Kong dollar .1275 7.8436 0.2

India rupee .01408 71.040 2.1

Indonesia rupiah .0000707 14145 –1.6

Japan yen .009224 108.41 –1.1

Kazakhstan tenge .002562 390.28 1.5

Macau pataca .1238 8.0783 0.1

Malaysia ringgit .2389 4.1865 1.3

New Zealand dollar .6387 1.5657 5.2

Pakistan rupee .00639 156.375 11.9

Philippines peso .0195 51.260 –2.4

Singapore dollar .7331 1.3641 0.1

South Korea won .00084821178.91 5.8

Sri Lanka rupee .0054939182.02 –0.5

Taiwan dollar .03273 30.552 –0.1

Thailand baht .03301 30.290 –6.3

US$ vs,

Fri YTD chg

Country/currency in US$ per US$ (%)

Vietnam dong .00004310 (^23204) 0.04
Europe
Czech Rep. koruna .04358 22.946 2.3
Denmark krone .1495 6.6885 2.7
Euro area euro 1.1170 .8953 2.7
Hungary forint .003377 296.09 5.8
Iceland krona .008028 124.57 7.2
Norway krone .1092 9.1616 6.0
Poland zloty .2609 3.8334 2.5
Russia ruble .01567 63.800 –7.9
Sweden krona .1037 9.6435 8.9
Switzerland franc 1.0160 .9843 0.3
Turkey lira .1727 5.7908 9.5
Ukraine hryvnia .0399 25.0835 –9.5
UK pound 1.2974 .7708 –1.7
Middle East/Africa
Bahrain dinar 2.6527 .3770 0.01
Egypt pound .0615 16.2507 –9.3
Israel shekel .2822 3.5438 –5.2
Kuwait dinar 3.2968 .3033 0.1
Oman sul rial 2.5970 .3851 0.01
Qatar rial .2749 3.638 0.1
Saudi Arabia riyal .2666 3.7510 –0.02
South Africa rand .0677 14.7618 2.8
CloseNet Chg% ChgYTD % Chg
WSJ Dollar Index 90.48 –0.32–0.35 0.90
Sources: Tullett Prebon, Dow Jones Market Data
us