Indonesia

China Aoyuan Property Group, Hydoo International Holding and Indonesia’s Federal International Finance wasted no time in hitting the bond market on Wednesday after the Labour Day holiday.

Indonesian property company Bumi Serpong Damai returned to the debt market on Monday for a quick $50m tap to its $250m 7.25% 2021 bond that was sold last week.

Indonesia’s Wijaya Karya Realty is building books until mid-next week for an IPO of as much as Rph3.2tr ($230m).

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Indonesian company Surya Pertiwi has raked in Rph1.25tr ($90m) after pricing its IPO at the bottom of the range, according to a banker close to the deal.

Pelabuhan Indonesia III, also known as Pelindo III, raised $500m from a single tranche five year bond on Tuesday after scrapping a 10 year portion that was also marketed.

A repricing in the Indonesian high yield dollar bond market on Monday took a toll on property company Bumi Serpong Damai (BSD), which had to navigate numerous hurdles to push a $250m deal over the finish line.

Sarimelati Kencana has started bookbuilding for a Rph1.2tr ($90.2m) IPO in Indonesia, with the Pizza Hut owner seeking a valuation of as much as 26 times earnings.

BOC Aviation, Metallurgical Corporation of China (MCC) and Bumi Serpong Damai were the first out of the gates on Monday morning with their new bond deals, as the Asian debt market prepares for an onslaught of supply.

Indonesian issuers continued to keep the market focused on new equity fundraisings, as several IPOs launched this week.

Indonesia’s Star Energy Geothermal raised $580m from its debut green bond this week, selling a deal that also had some of the hallmarks of a project finance deal — a rare combination in Asia’s credit market. But the deal hit several speed bumps along the way. Morgan Davis reports.

The Republic of Indonesia sealed an opportunistic dual-currency bond on Tuesday, quickly taking advantage of positive sentiment following a ratings upgrade from Moody’s.