Indonesia

A jump in Indonesia Eximbank’s non-performing loan (NPL) ratio caused it to breach a loan covenant, it was revealed this week. Lenders reckon the policy bank is likely to be successful in gaining their consent to waive the covenant, but growing NPLs will make it difficult for other south and southeast Asian borrowers to raise funds, writes Pan Yue.

Indonesia Eximbank is sending out a covenant waiver request for a $1.15bn loan it sealed last year, as the policy bank's non-performing loan (NPL) ratio rose higher than the covenant allows.

India’s Canara Bank and Bank Rakyat Indonesia this week gave investors a chance to diversify away from Greater China supply, pricing their respective five year dollar bonds.

Bank Rakyat Indonesia has closed its $700m offshore syndicated loan, with 15 participants joining during syndication.

Indonesian real estate developer Lippo Karawaci is on track to raise $730m from a rights issue as part of a $1.01bn funding programme that it hopes will strengthen its balance sheet, boost liquidity and enable investment in its existing projects.

Indonesia's Mitra Pinasthika Mustika Finance has returned to the international loan market, seeking a dual-currency $200m borrowing.

Charles Pitts-Tucker has been promoted to international head of investment banking at Nomura, alongside a string of other moves at the Japanese bank.

Indonesian textile company Delta Merlin Dunia Textile made its debut in the dollar bond market on Tuesday. But first it had to overcome a huge range of value estimates from investors.

Adira Dinamika Multi Finance has launched a $250m three year term loan into general syndication. The deal was led by five lenders.

The Republic of Indonesia was back in the dollar market this week with its regular sukuk issuance. But with a trade that mirrored its 2018 Islamic financing transaction, the sovereign added a green tranche, allowing it to tap a niche set of investors in an effort to raise $2bn. Morgan Davis reports.

The Republic of Indonesia returned to the bond market in style this week, using a tried-and-tested formula by adding a green tranche to a $2bn sukuk.

BFI Finance Indonesia has returned to the loan market for a $55m three year facility.