Indonesia

Indonesian tyre maker Gajah Tunggal is planning a return to the dollar market to refinance a $500m 7.75% note coming due in February 2018.

Asian bond investors reclaimed some of their power this week, but the coup was far from bloodless. Three single-B rated issuers were forced to pull planned dollar bonds. Morgan Davis and Addison Gong report.

Single-B rated bond issuers in Asia got a major setback this week, with three debut credits pulling their planned dollar offerings. There were plenty of reasons for their failures, but bankers say the cancellations reflect a debt market transitioning from one dancing to the tune of borrowers to one being dictated by investors.

Indonesia’s Paiton Energy has mandated banks for a debut public dollar bond. It will kick off a roadshow this week.

Indonesia’s Bank Tabungan Pensiunan Nasional (BTPN) is back in the loan market with a $155m 360-day deal to refinance debt and for general working capital.

Indonesia’s ABM Investama began marketing its inaugural dollar bond on Tuesday morning, opting for a 144A deal to reach US investors as well.

Indonesian consumer finance lender BFI Finance is seeking up to $150m from a three year syndicated loan, and is shaving the margin on the facility by 67bp.

First-time southeast Asian issuers Parkway Pantai and ABM Investama will meet investors next week ahead of US dollar bond sales. Yinson Holdings, meanwhile, is eyeing a $500m perpetual securities issue.

The Republic of Indonesia sold one of its classic blockbuster deals this week, raising more than $3bn from a three-tranche bond in euros and dollars. The transaction was a mix of self-promotion and opportunism — and further cements the country’s reputation as one of the savviest issuers in the region, writes Morgan Davis.

Saka Energi Indonesia, the upstream oil and gas arm of state-owned Perusahaan Gas Negara, is back in the loan market for a $200m-$300m deal with a bigger top group when compared with its previous borrowing.

Indonesian consumer lender BFI Finance is preparing to launch a loan of about $100m into general syndication, after mandating three banks as leads.

The Republic of Indonesia sealed a $3bn-plus triple tranche deal on Tuesday, in a transaction that proved both opportunistic and strategic for the southeast Asian country.