Indonesia

Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.

Indonesian apparel supplier Pan Brothers is in talks with banks for a new dollar loan, as it prepares to return to the market for the first time since 2018. However, syndication may be a challenge, as lenders are still reeling from the default of a subsidiary of textile firm Duniatex last year, writes Pan Yue.

Indonesian real estate developer Lippo Karawaci played to investors' need for diversification away from China, when it raised $325m from a 2025 bond sale.

Two Indonesian deals brought international investors some relief from the onslaught of Chinese bonds on Monday. Pertamina and Tower Bersama Infrastructure netted a combined $1.85bn from three tranches of notes.

Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week.

Axis sells full Syndicate Bank loan — Onfem boosts size to HK$6bn — Indorent closes $175m borrowing with 13 banks — VPBank wraps up $200m facility — Vingroup attracts 14 lenders

The Republic of Indonesia made an opportunistic outing this week, tapping both the dollar and the euro bond markets for about $3bn. The sovereign started the year with a different approach to its annual funding, in a bid to take advantage of strong liquidity in both the currencies, writes Morgan Davis.

Indonesian automobile company CSM Corporatama, also known as Indorent, has wrapped up its syndicated loan at a bigger size of $175m.

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Indonesian company Astra Sedaya Finance has closed a loan of around $200m that mainly targeted liquidity among Japanese banks.

Debt bankers and investors focused on Indonesia are eager to put the year behind them, after elections and a big dollar bond default dented issuance volumes. But they are optimistic about 2020, believing that the southeast Asian country could live up to its potential as a hotbed of high yield borrowing. Morgan Davis reports.

A subsidiary of Indonesian conglomerate CT Corp is talking to banks for a $750m refinancing loan, according to bankers close to the situation.