Indonesia

Zhongyu Gas fires up refi — Trans Corp hit syndication — Cheng Loong raising Vietnam funds — Global Bank gets bigger loan

The Republic of Indonesia sold its first 12 year euro note as part of a dual-tranche return to the European bond market on Tuesday. It had to pay up over its dollar curve, but the elevated cost proved no hardship as the sovereign is keen to make its presence felt among European investors.

Indonesia returned to euro-denominated bonds on Tuesday. It will still have to pay up over its dollar curve, according to EM bankers, despite the low yields in euros.

The southeast Asian high yield market saw some long overdue activity this week, with Indonesia’s Sri Rejeki Isman raising $350m from a liability management exercise. With volatility and low commodities prices forcing high yield issuers from the region to stay away from the market this year, Sritex’s success has now flung open the door to new issuance, writes Narae Kim.

Indonesia’s Solusi Tunas Pratama is looking to replace its dollar liabilities with local currency borrowings in a bid to curb risks from FX volatility. The firm is just one of a list of borrowers considering a similar approach. But the change in tack has caused some concern among foreign lenders, which would struggle to compete with local banks. Shruti Chaturvedi reports.

Indonesia's Mitra Pinasthika Mustika Finance has launched the retail phase of a $100m borrowing, in what is the company's second outing in the syndicated loan market.

A $725m loan for Indonesia Eximbank has hit general syndication, two months after the borrower picked the mandated lead arrangers and bookrunners.

Indonesian telecommunications tower company Solusi Tunas Pratama is looking to replace its dollar debt with local currency borrowings in a bid to curb risks from foreign exchange movements.

Indonesia’s Sri Rejeki Isman (Sritex) is poised to launch a new bond on June 1 as soon as a tender offer to buy back its outstanding notes expires.

Indonesia’s Cikarang Listrindo has allocated its Rph3.6tr ($264m) IPO to an investor base comprising mainly long-only accounts, deciding not to enlarge the float despite having enough demand, said a source with direct knowledge of the matter.

Indonesian textile company Delta Dunia Sandang Tekstil has sent out preliminary invitations for participation in its latest $260m fundraising.

Indonesian power producer Cikarang Listrindo is wrapping up the largest IPO in Indonesia in nearly five years this week. The country’s equity capital markets have been quiet this year, but that could be changing as Cikarang shows there is a strong level interest in the country from international investors. Jonathan Breen reports.