Indonesia

Bank Mandiri has continued the flow of Indonesian dollar bonds in the primary market, raising $500m on Tuesday with just a small 5bp new issue premium.

Indonesian quasi-sovereign construction firm Hutama Karya launched its first dollar bond on Monday, raising $600m from a 10 year deal despite the Covid-19 pandemic challenging the market.

Indonesia’s Sarana Multi Infrastruktur (SMI) has mandated five banks for a planned $500m refinancing loan. But bankers on the deal warn the terms could change due to uncertain market conditions.

The Inter-American Development Bank (IADB) tapped the Indonesian rupiah market for its latest Covid-19 response bond this week, becoming the first SSA to print a response bond in an emerging market currency.

Two Indonesian state-owned firms are planning $1bn loans, returning to the market despite a sharp rise in volatility as funding markets react to Covid-19. Bankers told GlobalCapital Asia that borrowers may need to scale back their ambitions. Pan Yue reports.

The Republic of Indonesia raised $4.3bn from a triple-tranche bond this week, making quick progress in its effort to fund a fiscal stimulus package that it hopes will soften the damage of the Covid-19 pandemic. Morgan Davis reports.

The Republic of Indonesia turned to the bond market on Monday to fund its Covid-19 relief efforts, raising $4.3bn from a triple-tranche deal. Investor demand for long-dated tenors encouraged the country to offer a 50 year note as part of the trade, making it a first for Asian sovereigns.

Bank Rakyat Indonesia is planning a return to the offshore loan market. It is inviting banks to bid for a new deal.

The Republic of Indonesia announced a triple-tranche bond sale on Monday morning, starting the week in Asia on a positive note. Bankers are watching investors’ response to the deal closely as more issuers line up new transactions.

Indonesian power company Perusahaan Listrik Negara has sent out a request for proposals (RFP) to a large group of banks, aiming to raise a new offshore loan despite the impact of the coronavirus on bank demand.

Rising dollar funding costs for Taiwanese banks have made them push an existing borrower back to the negotiating table so that they can demand better returns on a loan. More worrying than the triggering of the market disruption clause, however, is the volatility that forced the move.

Taiwanese banks have triggered a market disruption clause on a recent loan signed by Indonesian company BFI Finance. The move, which allows lenders to increase the margins they earn on deals, is being considered for numerous other transactions too, GlobalCapital Asia understands.