Asean

Banks have shown quick interest in a new $500m loan from Indonesia’s Sarana Multi Infrastruktur (SMI), which is wooing lenders with a short tenor deal.

Electricity company Perusahaan Listrik Negara (PLN) rode on the coattails of the Indonesian sovereign’s dollar bond sale to raise $1.5bn this week.

Thai hospitality company Minor International (Mint) used a guarantee from Bangkok Bank to issue a $300m bond this week. The deal structure, which echoes its 2018 debut bond, helped quell investor concerns about how Covid-19 has ravaged the borrower’s business. Morgan Davis reports.

Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,

Subsidiaries of China Steel Corp and Ta Ya Electric Wire & Cable have closed their respective dollar loans.

Philippine fast food operator Jollibee Foods Corp made a quick return to the dollar market on Thursday, attracting investors to its dual-tranche bond despite the impact the coronavirus has had on its business.

Singapore’s CapitaLand has become the first company to raise a loan benchmarked against the Singapore overnight average rate (Sora), as the market prepares for a transition away from Libor and the country’s equivalent, the Singapore dollar swap offer rate (Sor).

Philippine telecommunications company PLDT made a stellar return to the debt market on Tuesday. It raised a modest $600m but received orders of more than $11bn at its peak, as investors fought for a piece of the rare issuer.

The Republic of Indonesia rolled out its annual Islamic finance transaction on Tuesday, taking $2.5bn from a three-tranche sukuk. The sheer strength of investor interest surprised the bankers on the bond, leading to a hefty 70bp tightening and a deal that offered negative new issue premium.

JP Morgan has picked two of its own staff to fill newly-created posts as co-heads of investment banking across the Asean region.

OCBC Group plans to hire more than 3,000 people in Singapore this year.

The strong response from banks to Charoen Pokphand Group’s acquisition-related loan is not a true reflection of conditions in Asia’s syndications market — despite what some may say.