Indonesia

The Republic of Indonesia returned to the yen market this week for its annual Samurai bond outing, raising ¥100bn ($930m).

Indonesian property bonds have taken a hit in the secondary market, following growing concerns that Modernland Realty will default on a bond due in July.

Indomobil Finance Indonesia has launched a $240m borrowing into general syndication, changing its approach to the fundraising after market sentiment improved.

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.

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.

Indofood CBP Sukses Makmur is putting together a shortlist of banks for its $2bn loan, which will fund its acquisition of instant noodle maker Pinehill Co.

Indonesian mobile phone seller Tiphone Mobile Indonesia is restructuring its debt after failing to make payments on a loan, adding to a growing list of stressed businesses in the country. But what is worrying bankers more than the default itself is the lack of transparency from the borrower, writes Pan Yue.

Indonesian telecommunications company Tiphone Mobile is restructuring its debt after failing to make payments on an offshore borrowing in March.

Indonesian palm oil producer Perkebunan Nusantara III (PTPN) is seeking consent from banks to delay payments on a dollar loan, given expectations of a hit to its business because of the Covid-19 pandemic. But bankers told GlobalCapital Asia this week that the state-owned company has enough cash to make the payments, with the syndicate team set to reject its deferral request. Pan Yue reports.

Mining company Indonesia Asahan Aluminium (Inalum) battled weakening fundamentals and financial troubles at its state-owned peers to raise $2.5bn from a triple-tranche bond on Monday.

Indofood CBP Sukses Makmur has sent out a request for proposals for a loan to back its acquisition of instant noodle maker Pinehill Company.