Greater China

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.

Asian issuers tend to treat the 144A market as little more than a sideshow, rarely putting in the extra work to bring their deals to US investors. That needs to change.

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.

China Resources Land has raised HK$6.73bn ($858m) after issuing a chunk of shares in a top-up placement.

Chinese regulators are planning to rate the bond underwriting ability of securities firms. That may appear a sensible solution to an exchange bond market that has become cutthroat and chaotic. But the proposed solution is too vague to have much impact.

China Jushi, which makes fibreglass, is seeking a $150m debut borrowing through sole mandated lead arranger and bookrunner Standard Chartered.

China Huarong Financial Leasing Co and two local government financing vehicles (LGFVs) based in the coastal province of Jiangsu came to the offshore bond market to raise $300m each.

Chiranjeev Kumar is now the head of debt origination for South Asia at Citi, after having previously covered the Southeast Asia business.

ESR Cayman, a warehouse construction firm and lessor, has boldly returned with a bigger IPO target after delaying its first go at listing earlier this year.