Asia Pacific

Vodafone will not launch an IPO for its India business before March, even as the UK telecommunications giant wrote down the value of its India arm by €5bn ($5.4bn) following mounting domestic competition.

South Korean heavy industry company Doosan Infracore Co priced a new bond on Tuesday, giving investors a break from the procession of offerings from China. Although Korean borrowers are known for their aggressive pricing strategy, recent market volatility forced Doosan to pay up.

Therma Power, part of Philippine company Aboitiz Power Corp, is accessing the offshore loan market for a $650m unsecured financing.

Credit Suisse has allocated a three year bullet loan for China Auto Rental (CAR), with the company raking in $250m after general syndication.

Cancer drugs maker BeyondSpring has filed to list on Nasdaq to raise $100m, according to a Securities and Exchange Commission filing.

Country Garden Holdings launched a 10 put five dollar deal on Wednesday, marking its second transaction in less than two months, while Fosun International is pursuing a tap of its $300m 2023s.

Australia and New Zealand Bank issued its first euro-denominated covered bond in two years, but with less favourable market conditions investors have become more hesitant, and the deal attracted less than half the demand of one issued two months earlier by its New Zealand subsidiary.

Volkswagen Finance (China) has opted for a new structure with its latest return to the China auto ABS market with its upcoming Rmb3.98bn ($587m) Driver China Auto five trust set to feature a revolving pool for the first time.

The Mutual Recognition of Funds (MRF) scheme continues to attract interest from mainland retail investors nearly a year after its launch. However, it is being stifled by poor distribution efforts, scarcity of eligible funds, as well as foreign fund manager uncertainty about what is the best route into China.

The Chinese government is starting to sound like a broken record by repeating over and over again that there is nothing to fear from the continued depreciation of the renminbi. But with the currency hitting an eight-year low against the dollar, it’s time for Beijing to provide some genuine guidance before the markets stop listening for good.

Studio City, Shandong Ruyi Technology Group Co, Yanlord Land (HK) and Chengdu Xingcheng Investment Group Co are wooing investors for their respective Reg S bonds. Meanwhile, Shaanxi Xixian New Area Fengxi New City Development & Construction will go on a non-deal roadshow.

Two live IPOs in Asia are seeing an encouraging response from investors, with Donald Trump’s surprise victory in the US presidential election having little impact on their bookbuilds.