Asia Pacific

UNV Digital Technologies has decided not to go ahead with its $150m IPO in Hong Kong after completing investor education, as the issuer felt that market conditions were not in its favour.

China Energy Engineering Corp has kicked off bookbuilding for its HK$15.22bn ($1.96bn) listing in Hong Kong, with the state-owned construction firm squeezing 20 cornerstone investors into a deal some bankers are calling expensive.

Korea Development Bank (KDB) has sold its second offshore dual-listed renminbi bond, raising nearly twice the amount it was targeting, thanks to reverse enquiry driving the trade.

Standard Chartered is set to issue its debut Panda bond on December 7. The Rmb1bn ($157m) three year offering will be the first batch out of the total Rmb2bn Panda bond quota the bank has obtained from the People’s Bank of China (PBoC).

Chinese pair Guangdong Rising Asset Management (GRAM) and HNA Group hit the dollar bond market on Wednesday as they look to wrap up their respective fundraisings ahead of the US Thanksgiving holiday.

Bain Capital is making its exit from India’s Hero MotoCorp just about a year after it last pared down its holdings. The latest block, worth roughly Rp7.7bn ($116m), is still unfinished however as investors can only be crossed on Thursday when markets re-open after a public holiday.

Tianjin Free Trade Zone Investment Holding Group (Tianjin FTZ) has picked seven banks to arrange its first international bond.

Russian lender VTB is expanding its China offering to meet rising demand from Russian corporates and financial institutions for RMB trade and investment services. GlobalRMB spoke to Alexander Dmitriev, global head of financial institutions at VTB, to discuss the bank’s China strategy and the challenges it faces.

Baosteel Hong Kong Investment Co launched a $500m bond exchangeable into shares of Hong Kong-listed China Construction Bank Corp on Tuesday evening, with HSBC and UBS leading the trade.

Banks are welcoming plans by the Hong Kong Stock Exchange (HKEx) to solve the outstanding settlement issues for the Shanghai-Hong Kong Stock Connect. The introduction of delivery versus payment (DVP) settlement model from next April also provides business opportunity as brokers seek out more liquidity.

The Indian government has told banks vying for the mandate for a $3bn sell-down in Coal India to make their final presentations on Thursday, according to the Department of Disinvestment.

San Miguel Corp, which is looking to set up a new mobile network joint venture in the Philippines, is seeking as much as $1.1bn for it, via a combination of onshore and offshore loans.