New issuance activity continued apace in May, with 20 IPOs raising a combined $5.2B in proceeds. On a sector basis, Consumer Services led in terms of proceeds thanks to JD.com’s giant $2.0B offering. The U.S.-Based 25 Index outperformed broader markets in May, edging up 5.3%, despite cautious investor sentiment in the new issuance market, while the International 25 Index rose 4.9% on laudable performances from China-domiciled issuers. Overall, only four issuers broke the +20.0% threshold on an offer/1-day basis, led by cloud networking provider Zendesk (+49.2%). The Energy sector claimed the remaining top performers, including GasLog Partners (+24.3%).