Indonesia
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Big questions remain around how China’s ambitious Belt and Road Initiative will be financed. But experts tell GlobalMarkets the answer, or at least part of it, may be in asset-backed securitization — with Indonesia making some headway recently and China gearing up for some action. -
Banks that committed to a $250m loan for Saka Energi Indonesia, the upstream oil and gas arm of Indonesian state-owned Perusahaan Gas Negara, can expect to be scaled back after $285m of pledges came in by the end of general syndication.
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Geo Energy Resources found success on Wednesday with its second attempt to sell a debut dollar bond, after waiting two months for a receptive market window.
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The largest Indonesian IPO in years was dealt a blow when Garuda Maintenance Facility AeroAsia (GMF) was forced to take a knife to its Rph3.2tr ($245.5m) trade. The pipeline for new listings in the country is now in a state of flux, despite looking much brighter only a few months ago. John Loh reports.
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Indonesian company Asia Pulp & Paper’s high profile default 16 years ago appears to be still fresh in the minds of investors. Its unit APP China Group sealed a modest $150m bond on Tuesday, but had to entice the buy-side with a juicy yield and a short tenor.
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Geo Energy Resources is making a second attempt at selling a dollar bond, two months after the Indonesian coal producer decided to cancel its transaction.
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Indonesia’s Indika Energy is hunting for more dollar debt, six months after securing $265m on the back of a nearly five times covered book.
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Paper and pulp company APP China is testing investors’ appetite for an unrated dollar bond, about 15 years after its Indonesian parent Asia Pulp & Paper Group defaulted on close to $14bn of debt.
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Indonesia’s Waskita Karya sealed a Rph5tr ($375m) loan this week, in a rare syndication with international banks. While the borrower raised its profile as it tapped into pockets of rupiah liquidity from foreign lenders, the deal also illustrated the push by north Asian banks to deploy their balance sheet in Indonesia. John Loh writes.
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Beijing Infrastructure Investment Co is in the market with its first dollar bond in nearly three years, while APP China Group is meeting debt investors in Hong Kong.
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Garuda Maintenance Facility AeroAsia has opened books on a two-pronged Rph3.2tr ($245.5m) IPO which will also see it court strategic investors.
