Indonesia

Adira Dinamika Multi Finance, an Indonesian finance company, has launched a $250m term loan into general syndication, about seven months after sealing its previous fundraising.

Medikaloka Hermina has kicked off pre-deal investor education for a $250m IPO in Indonesia ahead of a mid-April launch.

Indonesian coal company Toba Bara Sejahtra failed to make its debut in the dollar bond market this week, after a weak market backdrop and concerns about high yield credits dented investor appetite. But other firms looking for funding are not giving up just yet, writes Morgan Davis.

Solusi Tunas Pratama is set to begin marketing a new $590m-equivalent financing in dollars and rupiah to retail lenders, said bankers close to the trade.

Indonesian coal company Toba Bara Sejahtra culled its debut dollar bond on Monday, as turbulent markets and new domestic rules around caps on coal prices put investors in risk-off mode.

Four Asian issuers began marketing dollar deals on Monday, as a number of others started testing buy-side appetite through roadshows. But borrowers will have to temper their expectations on size and price, faced with a choppy market backdrop.

The Tropical Landscapes Finance Facility (TLFF) secured $95m from Asia’s first corporate sustainability bond on Monday.

The Republic of Indonesia’s maiden green sukuk last week was a landmark for green finance, becoming the first green sovereign issue in Asia, and one of just a handful globally. Indonesia deserves to be lauded for its efforts, but it’s too soon to judge the country by its one green financing exercise — especially as the nation is far from environmentally friendly.

Two Indonesian finance companies that serve customers in the automobile sector have launched deals in quick succession.

The Government of the Republic of Indonesia raised $1.25bn on Thursday in the first green sukuk from a sovereign, paving the way for more green issuance from Asian countries.

The Government of the Republic of Indonesia’s green sukuk is a game changer for the region, giving a boost to a green sovereign bond market that has so far had scant issuance globally.

Indonesian rupiah-denominated debt will be eligible for the Bloomberg Barclays Global Aggregate Bond Index for the first time from June 1.