Banks

JP Morgan has hired former UBS banker David Xu to lead onshore equities as it readies the launch of its Mainland securities joint venture.

Chinese securities houses and banks have suffered a rough two weeks that have hit their funding conditions. A lawsuit from China Merchants Bank (CMB) against Everbright Capital has brought even more worry to a market still recovering from the panic caused by Baoshang Bank’s takeover.

Derwent London, the UK commercial property developer, has shrugged off Brexit-related concerns about the outlook for the London real estate market to place a £175m convertible bond due in 2025 to finance a buyback of an older note due next month.

Chinese higher education provider Edvantage Group Holdings has begun pre-deal investor education for its Hong Kong IPO, according to a source familiar with the matter.

Chinese online tutoring company GSX Techedu has raised $207.9m after pricing its US listing at the mid-point of guidance, according to a source familiar with the matter.

Cinema company Vue International has relaunched the refinancing of its capital structure that was mooted last year. It wants to clear out sterling and euros high yield bonds and replace them with euro loans.

ING has put an emerging markets debt capital markets banker at risk of redundancy after nearly 18 years of service at the bank.

Investors proved their appetite for corporate bonds this week by gobbling €5bn of them on a single day, as Publicis Groupe and BMW issued jumbo deals on a second consecutive day of heavy issuance in Europe.

Nordic Capital sold its last shares in Resurs Holding, the Swedish retail finance company, on Tuesday night, ending its investment in a firm it took to market in 2016.

KfW returned to the market for its second five year euro benchmark of the year. The €5bn zero coupon note was issued with the lowest yield ever printed by the German issuer.

The World Bank has returned for its third Sonia-linked note, with the issuer taking indications of interest for a 3.5 year sterling benchmark trade.

The Swedish city of Gothenburg returned to the bond market for its second public deal of the year this week. Swedish krona bonds have proven popular in recent weeks, as both domestic and European issuers have placed deals in the currency.