Indonesia

Asia’s dollar bond market finally sprang to life this week with a trio of investment grade names successfully pricing deals. Participants are now hoping that the market is open for business, but lingering volatility means trades will come with a bigger price tag, write Narae Kim and Rashmi Kumar.

Summarecon Investment Property (SIP), a unit of Indonesian property giant Summarecon Agung, is looking to raise $200m-$250m in an IPO, with banks on the trade expecting to open books in October or November.

Indonesian property developer Surya Semesta Internusa (SSIA) has shelved plans for a possible US dollar bond due to the volatility in global markets.

Cigarette maker Philip Morris flagged off pre-deal investor education for an up to Rph26.70tr ($1.92bn) follow-on transaction in its Indonesian subsidiary HM Sampoerna on September 2, with the process set to run for two weeks.

Hong Kong-listed HNA International Investment Holdings has announced plans for a HK$2.97bn ($383m) rights issue that will hit the market in October.

The governments of Indonesia and Russia both signalled earlier this week that they are considering issuing renminbi denominated bonds. If the plans go ahead, these will be the third and fourth RMB deals from a foreign sovereign after the UK and Mongolia governments. However, FX volatility means now is not the best time to pull off a RMB deal.

Global equity and debt markets rallied on Tuesday, while volatility subsided, after the People’s Bank of China cut its one year lending rate. But for hard hit emerging markets, more pain could be on the way.

One of Asia’s most consistent sovereign issuers, the Republic of Indonesia, plans to come to the offshore bond market in the fourth quarter. It is considering offshore renminbi (CNH), dollars, euros or yen, for what would be its last outing this year.

The Jakarta leg of our Asean Bond Markets Roundtable discussions for 2015.

The Jakarta leg of our Asean Bond Markets Roundtable discussions for 2015.

A spike in Asian green bond issuance this year has not yet spurred the use of the instrument by borrowers in the Asean region, where the conventional debt markets already face challenges as they develop. But credit enhancements and strong precedents from neighbouring countries could help generate more green activity in southeast Asia, writes Christina Khouri.

Trio to arrange $500m for SBI — NewOcean Energy returns for $170m — China duo clinch $1.1bn Wuxi take-private loan — Tiphone out for $184m — Kingboard to increase from HK$5bn