Greater China

Swiss lender UBS has promoted Edmund Koh to lead its Asia Pacific wealth management business from next year.

Bank of East Asia (BEA) opened books for a dollar-denominated additional tier one (AT1) on November 25, with the Hong Kong lender looking to use the proceeds to fund the purchase of its outstanding legacy tier one instruments.

Lee & Man Paper Manufacturing is seeking a HK$2.4bn ($310m) term loan to refinance existing debt and for its general corporate funding requirements.

The initiatives taken to bring Chinese and UK markets closer together mark a new height in the bilateral relationship, with more RMB products and a possible Stock Connect link at the heart of future plans, said Nikhil Rathi, the new CEO of the London Stock Exchange (LSE).

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.

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.