North America

Online education platform Youdao is working with a pair of US banks for a potential New York listing, according to a source familiar with the matter.

Chinese robotics company CloudMinds has started sounding out investors for a $500m IPO of American Depository Shares (ADS) on the New York Stock Exchange, according to bankers close to the situation.

Real estate investment trust (Reit) Fibra Terrafina sold $500m of 10 year bonds on Monday, with hefty tightening allowing the borrower to price closer to its largest Mexican rival than expected.

The Carlyle Group has raised $3.1bn of investable capital and $2.4bn of equity commitments for its new credit opportunities fund, tapping investors’ interest in private debt to surpass the firm’s target goal.

The S&P 500 may have closed above 3,000 on Friday, a new record high for the index, but flow data suggests that few active managers are taking advantage of the bull market in primary or secondary.

Six months after receiving the licence to rate Chinese domestic issuers and their issuance programmes, S&P Global (China) Ratings has provided its first rating in the Mainland.

China’s Wanda Sports Group began a week-long bookbuild on Monday morning, with a plan to raise as much as $500m on the Nasdaq.

Tobam, the French asset manager, is ensuring its fixed income portfolios have carbon footprints at least 20% smaller than those of their reference benchmarks, extending a policy already in place for equity portfolios. It is focusing on the carbon footprint of issuers, rather than individual issues, meaning that it would ignore the specific environmental qualities of a green bond.

In this round-up, GDP growth slowed in the second quarter, exports to the US dropped further and total social financing growth showed the need for more policy easing

The financial institutions bond market is showing no signs of fatigue in Europe, with US financial services company Jefferies Group preferring euros over dollars for the first time since 2014 on Friday. There was some debate about fair value for its €500m deal, given the lack of outstanding comparables.

In this round-up, trade talks resumed on shaky ground, the insurance regulator tightened rules on trusts investing in real estate companies, the State Council promised to ease the tax burden for smaller enterprises and the government completed the takeover of Anbang Insurance

In this round-up, S&P Global’s wholly-owned China unit gave its first onshore rating to ICBC Leasing, Italy will strengthen ties with the Mainland through a Panda bond and Bond Connect volumes rise.