Indonesia

Southeast Asian companies have pulled off a dramatic increase in dollar bond issuance this year. But with Indonesia still representing the bulk of deals from the region, bankers are bracing themselves for a slow down as the end of the year approaches. Addison Gong reports.

Pricing has emerged for a $250m borrowing for Gajah Tunggal, an Indonesian tyre maker, according to bankers.

Siloam International Hospitals is teeing up a rights issue that could raise as much as Rph3.1tr ($231.6m), according to a deal prospectus.

Bank Negara Indonesia (BNI) has invited lenders to participate in a five year $500m fundraising, with general syndication kicking off on Monday.

Adira Dinamika Multi Finance has signed up lenders to a $250m borrowing, following a good run in general syndication that allowed the company to hike the loan.

Steel Pipe Industry of Indonesia (Spindo) is courting investors in Asia and Europe this week, in pursuit of its first international dollar bond.

Marlin Enterprise is making a quick comeback to the loan market to refinance a borrowing from November 2015. It is offering lower returns for a deal with a longer maturity.

Two Indonesian borrowers have managed to increase short-dated dollar loans after impressive demand in syndication.

Indonesian textile company Sri Rejeki Isman (Sritex) has approached offshore banks for a $100m three year syndicated loan.

Indonesia’s Medco Energi Internasional has added $100m to its outstanding five non call three bonds from last week, bagging a total of $400m as Chinese investors continue to prove a receptive audience.

Cheung Kong Infrastructure Holdings hit the market on Wednesday morning local time, marketing a new subordinated perpetual non call five fixed-for-life dollar transaction.

Medco Energi Internasional, which issued a dollar bond last week, has returned to the debt market for a reserve based lending (RBL) facility for subsidiary Medco E&P Malaka.