Morgan Stanley

The fourth quarter began on a rocky note for global equities but the US high grade bond market has shrugged off concerns about stalling growth and issuance conditions remain strong.

Three Chinese companies joined the queue to list in the US within the past week. Youdao, an online education platform founded by Chinese technology company NetEase, is planning the largest of the IPOs, seeking up to $300m.

Chinese sportswear retailer Topsports International Holdings has raised HK$7.9bn ($1bn) from its IPO on the Hong Kong Stock Exchange, pricing the deal just above the bottom of the marketed range.

Adani Green Energy was out with a 20 year bond on Thursday, giving investors the option to buy a dollar deal from Asia in an otherwise quiet primary market.

Youdao, an online education platform founded by Chinese technology giant NetEase, is planning an IPO of American Depository Shares (ADS), having filed a draft prospectus with the US regulator.

Hong Kong-based small appliance maker JS Global Lifestyle Co has kicked off pre-deal investor education for its listing on the stock exchange, according to a source familiar with the matter.

Demire, a German real estate company, issued €600m of unsecured senior notes on Monday, reducing its average financing costs by 90bp. Investors raised some concerns over the deteriorating German economy and big private equity sponsor Apollo but they lapped up the issue nonetheless.

Cadent, the UK gas distribution company, is buying back up to £400m of its September 2021 bond and issuing a new one.

JS Global Lifestyle Co, a Hong Kong-based maker of small household appliances, has passed the final stage of its pre-IPO process, winning approval to list from the Hong Kong Stock Exchange.

Asset World Corp, the property and hospitality firm, has raised Bt48bn ($1.57bn) from Thailand’s largest IPO by a private company.

A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.

Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.