Indonesia

Poultry feed producer Charoen Pokphand Indonesia is talking to the lenders on two of its offshore borrowings sealed in 2014 and 2015, to cut pricing, several bankers said this week.

The Republic of Indonesia returned to the public yen market on Thursday for a ¥100bn ($913.76m) four-tranche transaction, navigating challenges around emerging markets volatility and its rising dollar bond yields.

Weeks of currency depreciation, emerging market outflows and violence domestically have taken a toll on Indonesia’s credit and equity markets, despite the central bank making some effort to assuage the volatility. What lies ahead for the country? Morgan Davis finds out.

A flurry of changes have taken place in Credit Suisse’s Asia Pacific operations.

Global asset manager Carlyle Group has poached Credit Suisse’s most senior investment banker in Indonesia.

Indonesian credits got a quick boost late last week as investor sentiment rose following an interest rate hike. But while the buy-side is again warming up to the country’s bonds, the debate continues over whether the optimism is sustainable.

Perusahaan Listrik Negara (PLN) managed to navigate Indonesia’s challenging market backdrop successfully to seal a $2bn dual-tranche transaction on Tuesday.

Indomobil Finance Indonesia has returned to the offshore loan market for a new $100m borrowing, according to a banker invited to participate in the deal.

Indonesian financial services company MNC Investama raised $231m from an exchange and new money offering on Thursday, but the market backdrop and aggressive pricing made it difficult for the firm to add much to the new money portion.

Sarimelati Kencana, the Indonesian Pizza Hut owner, sold shares at the low end of its IPO guidance range amid adverse market conditions, raising Rph1tr ($73.5m) on Thursday.

Indonesia’s Federal International Finance raised $300m from its first dollar bond on Wednesday, managing to tighten pricing marginally despite investor pushback.

Indonesia’s Astra Sedaya Finance (ASF) is back in the offshore loan market for a new $150m borrowing, paying 20bp lower than a similar deal raised last year.