Asean

Long-dated dollar bonds issued by Indonesian companies have been taking a beating in the secondary market, with the country's high yield sector also expected to suffer from the negative impact of an ongoing trade war between two of the world's biggest economies.

The Republic of the Philippines returned to the euro bond market on Thursday, after a more than 10 year hiatus.

Eagle Hospitality Trust extended bookbuilding for its Singapore IPO twice because of market jitters following US president Donald Trump’s tweet this week about Chinese trade tariffs, according to a source close to the deal.

With South Korea and the Philippines heading to euros for new bond transactions, more issuers from Asia should take courage and consider funding in the needlessly neglected currency.

Eagle Hospitality Trust has cut the floor of the initial price guidance for its Singapore IPO, hiking up the yield for investors while delaying the end of its roadshow, according to a source close to the deal.

Malaysian poultry producer Leong Hup International has closed its books for a long-anticipated MR1.18bn ($285m) IPO, which was more than ten times subscribed.

Indonesia’s Medco Energi Internasional wrapped up a $650m bond outing on Thursday, closing off an acquisition financing exercise linked to a bridge loan from earlier in the year.

In this round-up, the trade negotiation between China and the US finished its tenth round, China PMI fell in April after previously rebounding and the chairman of the banking and insurance regulator promised more reform.

Energy services group Serba Dinamik Holdings raised $300m from a three year wakala sukuk on Thursday, before watching the bond quickly trade up in the secondary market.

Indonesian property developer Alam Sutera tapped its 6.625% 2022 notes on Tuesday, raising $125m from the trade.

Two Indonesian auto finance companies, Indomobil Finance Indonesia and Chandra Sakti Utama Leasing (CSUL), have returned to the offshore loan market.

S&P upgraded the Philippines’ rating to BBB+ from BBB on April 30, as the sovereign conducted a roadshow for a proposed euro bond.