Banks

Investors have taken to Chinese education platform Youdao, covering its $101m IPO multiple times over days before the end of bookbuilding, according to a source close to the deal.

Power Construction Corp of China (PowerChina) took advantage of the growing popularity of perpetual bonds to raise $300m on Tuesday.

Investors put in nearly S$3.5bn ($2.6bn) of orders for Mapletree Logistics Trust’s S$250m placement, helping the Singapore-listed company price its transaction near the top of guidance.

Hong Kong's Li & Fung added $100m to its 4.375% 2024 bond on Tuesday, boosting the total size of the deal to $500m.

Genius Auto Finance has taken home Rmb4bn ($565m) from its third auto loan ABS of the year, scrapping the mezzanine tranche and boosting the size of the subordinated portion. The issuer achieved slightly tighter yields on both senior tranches compared to its previous trade.

Parkson Retail Group, a department store operator, has returned to the loan market after eight years, sealing a HK$3.9bn ($497m) borrowing.

Bain Capital has given in to a laundry list of demands from investors as they snubbed bonds for Kantar, resulting in a delay to the deal's schedule. In a rare case of aggressive investor push-back, covenants have now been flexed to the extreme and initial price thoughts look surprisingly high, given the exceptionally favourable market for new issuers.

Instituto de Crédito Oficial (Ico) held investor calls on Tuesday ahead of its return to the social bond market to complete its funding needs for the year.

CPPIB Capital underwhelmed with its return to the 10 year dollar market on Tuesday, giving further evidence of slowing demand following a string of trades in this part of the curve in recent weeks.

The European Stability Mechanism completed its funding year with a blow-out €3.5bn five year bond on Tuesday, which paid a minimal new issue concession at the final spread.

Alvaro Estevez has joined JP Morgan from Bank of America, in order to lead a team that works with large multi-national companies.

UBS is reorganising its investment bank, trying to save $90m a year, it revealed on Tuesday, alongside a dismal set of third quarter results for underwriting and advisory.