Indonesia

Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.

S&P has raised Indonesia’s long-term sovereign credit rating to BBB- from BB+ with a stable outlook, on the back of reduced risks to the country’s fiscal metrics. Seven corporates were also upgraded by the agency last Friday.

Star Energy Geothermal has wrapped up its $660m dual tranche loan with 13 banks, following a three month syndication. The money was partly for the company’s purchase of a stake in Chevron’s Indonesian assets.

Melco Resorts Finance is set to go on a global roadshow for an eight year bond to redeem its outstanding 2021s, as China’s Hong Yang Group Company and Indonesia’s Soechi Lines also prepare investors for new deals.

Indonesian coal miner Bumi Resources has set the shareholder entitlement for its Rph35.1tr ($2.6bn) fundraising plans, which include a rights offer and the sale of mandatory convertible bonds.

Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

Indonesian property developer Bumi Serpong Damai (BSD) is tapping its outstanding 2023s on Tuesday, launching the deal at the market open.

Indonesian state-owned electricity distributor Perusahaan Listrik Negara (PLN) raised $2bn from a dual-trancher on Monday. It achieved both size and price, while bankers said it also helped boost supply from the country’s quasi-sovereigns.

A default event has been declared on a $222m loan for Indonesian gas-to-power specialist MAXpower Group. The company first flagged up its financial problems over a year ago and had been speaking with lenders to rejig terms on the five year syndication sealed in 2015.

Indonesian automobile finance company Mandiri Tunas Finance (MTF) has hit the offshore syndicated loan market for a $100m borrowing.

Investors have a chance to buy bonds from Indonesian government-owned electricity distributor Perusahaan Listrik Negara (PLN), which is back in the international market for the first time in over four years. Meanwhile, Singaporean property developer Oxley Holdings is tapping its $200m notes.

Investors are set to welcome Indonesian government-owned Perusahaan Listrik Negara (PLN) back to the dollar bond market, with the company mandating two firms to work on its issuance.